Clarification on FDI in Tobacco or Tobacco substitutes - Prohibition applies only to manufacturing of the tobacco products and not on other activities relating to these products including wholesale cash and carry, retail trading etc.

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..... m/ Sir, Investment in companies engaged in tobacco related activities Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Annex A of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000-RB dated May 3, 2000, and Notification No. FEMA. 24 .....

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..... from time to time. 4. AD Category I banks may bring the contents of this circular to the notice of their constituents and customers 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) and are without prejudice to permissions / approvals, if any, required under any other law. .....

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