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TMI BlogReview of the policy on Foreign Direct Investment- allowing FDI in Multi-Brand Retail Trading.X X X X Extracts X X X X X X X X Extracts X X X X ..... mit FDI, up to 51%, under the Government route, in Multi-Brand Retail Trading, subject to specified conditions. 3.0 Accordingly, the following amendment is made in 'Circular 1 of 2012- Consolidated FDI Policy', issued on 10.04.2012, by the Department of Industrial Policy & Promotion: 3.1 Paragraph 6.1 - 'Prohibited Sectors', is substituted with the following: "6.1 PROHIBITED SECTORS: FDI is prohibited in: (a) Lottery Business, including Government /private lottery, online lotteries, etc. (b) Gambling and Betting, including casinos etc. (c) Chit funds (d) Nidhi company (e) Trading in Transferable Development Rights (TDRs) (f) Real Estate Business or Construction of Farm Houses (g) Manufacturing of Cigars, cheroots, cigarillos and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tructure. (iv) At least 30% of the value of procurement of manufactured! Processed products purchased shall be sourced from Indian 'small industries' which have a total investment in plant & machinery not exceeding US $ .1.00 million. This valuation refers to the value at the time of installation, without providing for depreciation. Further, if at any point in time, this valuation is exceeded, the industry shall not qualify as a 'small industry' for this purpose. This procurement requirement would have to be met, in the first instance, as an average of five years' total value of the manufactured! processed products purchased, beginning 1st April of the year during which the first tranche of FDI is received. Thereafter, it would have to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, retail sales outlets may be set up in those States/Union Territories which have agreed, or agree in future, to allow FDI in MBRT under this policy. The list of States/Union Territories which have conveyed their agreement is annexed. Such agreement, in future, to permit establishment of retail outlets under this policy, would be conveyed to the Government of India through the Department of Industrial Policy & Promotion and additions would be made to the annexed list accordingly. The establishment of the retail sales outlets will be in compliance of applicable State/Union Territory laws/ regulations, such as the Shops and Establishments Act etc. (ix) Retail trading, in any form, by means of e-commerce, would not be permissible, for compan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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