Review of the policy on Foreign Direct Investment- Allowing FDI in Limited Liability Partnership firms-amendment to paragraphs 2.1, 3.3.5 and 3.3.6 of ‘Circular 1 of 2011 - Consolidated FDI Policy’

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ress Note No. 1(2011 Series) Review of the policy on Foreign Direct Investment- Allowing FDI in Limited Liability Partnership firms-amendment to paragraphs 2.1, 3.3.5 and 3.3.6 of Circular 1 of 2011 - Consolidated FDI Policy PRESS NOTE NO. 1 (2011 SERIES), DATED 20-5-2011 The Government of India has reviewed the extant policy on FDI and decided to permit FDI in LLP firms, subject .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... route, only for LLPs operating in sectors/activities where 100 per cent FDI is allowed, through the automatic route and there are no FDI-linked performance related conditions (such as Non Banking Finance Companies or Development of Townships, Housing, Built-up infrastructure and Construction-development projects etc.). (b) LLPs with FDI will not be allowed to operate in agricultural/pl .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... (FIIs) and Foreign Venture Capital Investors (FVCIs) will not be permitted. LLPs will also not be permitted to avail External Commercial Borrowings (ECBs). (g) In case the LLP with FDI has a body corporate that is a designated partner or nominates an individual to act as a designated partner in accordance with the provisions of section 7 of the LLP Act, 2008, such a body corporate should o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t paragraph 3.3.5, as paragraph 3.3.6: The present paragraph 3.3.5 is renumbered as paragraph 3.3.6, to read as below: "3.3.6 FDI in other Entities: FDI in resident entities, other than those mentioned above, is not permitted." 3.0 The above decision will take immediate effect. 4.0 The above provisions will be incorporated in the next Circular on Consolidated FDI Policy to be issue .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X