Published on Fri, Feb 05, 2010 at 19:37 | Source : CNBC-TV18
Updated at Fri, Feb 05, 2010 at 19:40
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Govt tweaks FDI approval norms: Sources
The new norms, it is learnt, amend some clauses of the previous draft in which the appeal provision to the finance minister and the Cabinet Committee of Economic Affairs (CCEA) has been removed.
The government has redrafted the foreign direct investment (FDI) approval levels proposal, CNBC-TV18 reports quoting sources. The new norms, it is learnt, amend some clauses of the previous draft in which the appeal provision to the finance minister and the Cabinet Committee of Economic Affairs (CCEA) has been removed. The earlier proposal empowered the FM/CCEA to consider the appeals.
With the new norms, the FM must clear proposals above Rs 1,200 crore lying with the Foreign Investment Promotion Board (FIPB) while the CCEA would give the nod for projects about Rs 1,200 crore, it is learnt. Currently, the CCEA nod is must for FDI proposals above Rs 600 crore.
Also, there would be no FIPB/CCEA nod required for proposals in sectors that do nit have an FDI cap.
Sources say the industry department has moved the new FDI Approvals Cabinet Note and that the CCEA would consider fresh proposals soon.
The government has redrafted the foreign direct investment (FDI) approval levels proposal, CNBC-TV18 reports quoting sources. The new norms, it is learnt, amend some clauses of the previous draft in which the appeal provision to the finance minister and the Cabinet Committee of Economic Affairs (CCEA) has been removed. The earlier proposal empowered the FM/CCEA to consider the appeals.
