(MENAFN- Trend press agency)
The government authorized 100 percent of foreign direct investment (FDI) automatically in the telecommunications services sector.
In a press note released on Tuesday, the Department for the Promotion of Industry and Internal Trade (DPIIT) said foreign investment in telecommunications services will be subject to the 2020 Press Note 3 condition.
According to Press Note 3 of 2020 shared by DPIIT, a “non-resident entity may invest in India, subject to FDI policy, except in sectors / activities that are prohibited. However, an entity of a country which shares a land border with India or whose beneficial owner of the investment in India is located or is a citizen of such a country, can invest only through the government channel ”.
DPIIT said cases requiring prior government approval under the provisions of Press Note 3 will continue to be in place. So far, only 49 percent of FDI has been authorized automatically, and anything beyond that has to go through the government.
This development comes nearly a year after the government notified in April 2020 changes to FDI rules that pre-approved government mandates for foreign investment from countries sharing a border with India, including the Pakistan, China, Bangladesh and Nepal.
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