CIR. NO. 67/2003-04-RB, DT. 06/02/2004
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
Clarification regarding Automatic Route for Residual Activities under Foreign Direct Investment (FDI)
Clarification regarding Automatic Route for Residual Activities under Foreign Direct Investment (FDI)
2. It may be observed that in the amended Notification No. FEMA 94/2003-RB dated June 18, 2003 there is no mention in the Annexure B about the investment in respect of residual activities viz. "Any other Sector/Activity (other than included in Annexure A)" previously classified under item No.9 of Annexure B to Schedule I of FEMA.20/2000-RB dated May 3, 2000. Government have since clarified that Automatic Route for FDI upto 100 per cent would continue to be available for residual activities as was previously available.
3. The necessary amendments to the Foreign Exchange Management Act (Transfer or issue of security by a Person Resident outside India) Regulations, 2000 are being issued separately.
4. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned.
5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
Yours faithfully,
Grace Koshie
Chief General Manager