The Reserve Bank of India (RBI) has issued a notification amending the Foreign Direct Investment (FDI) norms on ownership during the recent times.
Reserve Bank of India has issued Notification No. FEMA.278/2013 dated June 7, 2013 (available on RBI web-site) on guidelines for calculation of total foreign investment in Indian companies, transfer of ownership, control of Indian companies and downstream investment by Indian companies. The notification has been issued to implement Press Note 2 and 3 of 2009, Press Note 2 of 2012 and Consolidated FDI Policy Circular 1 of 2013 dated April 5, 2013.
Extensive discussions with all stakeholders including Ministry of Corporate Affairs, Planning Commission, Reserve Bank of India, Ministry of Commerce & Industry were made before issuance of the Press Note and the notification.
This was stated by Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha today.
