Corrigendum to Press Note 7 (2008) - Consolidated Policy on Foreign Direct Investment

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..... he Press Note. Accordingly, this Corrigendum is issued. In the Annex to Press Note 7 (2008), Sl. No.25 under para II, the following substitution is made: For the existing provision 25. Non Banking Finance Companies i) Merchant Banking 100% Automatic Subject to: a. minimum capitalization norms for fund based NBFCs - US$ 0.5 million to be brought upfront for FDI up to 51%; US$ 5 .....

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..... imum capital inflow. e. compliance with the guidelines of the RBI. f. The minimum capitalization norms would apply would be applicable where the foreign holding in a NBFC(both direct and foreign holding in a NBFC(both direct and indirect) exceeds the limits indicated at (a) above g. The capital for the purpose of minimum capitalization norms shall consist of ordinary shares only. ii) Under .....

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..... million to be brought upfront and the balance in 24 months for FDI beyond 75% and up to 100%. b. minimum capitalization norms for non-fund based NBFC activities- US$ 0.5 million. c. foreign investors can set up 100% operating subsidiaries without the condition to disinvest a minimum of 25% of its equity to Indian entities subject to bringing in US$ 50 million without any restriction on number of .....

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