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TMI BlogCorrigendum – Notification No. 362/2016-RB, dated February 15, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements. For the purpose of Limited Liability Partnership, 'control' shall mean right to appoint majority of the designated partners, where such designated partners, with specific exclusions to others, have control over all the policies of Limited Liability Partnership." ii. (c) (v) shall be substituted by the following "(v) It is clarified that Foreign investment shall include all types of foreign investments i.e. FDI, investment by FIIs, FPIs, QFIs, NRIs, ADRs, GDRs, Foreign Currency Convertible Bonds (FCCB) and fully, mandatorily & compulsorily convertibl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .1 Defence Industry subject to Industrial license under the Industries (Development & Regulation) Act, 1951 49% Automatic route up to 49% Above 49% under Government route on case to case basis, wherever it is likely to result in access to modern and 'state-ofart' technology in the country. b. The existing S. No.16.3 of Annex B of Schedule 1 shall be substituted by the following: 16.3 Single Brand product retail trading 100% Automatic up to 49% Government route beyond 49% 1) Foreign Investment in Single Brand product retail trading is aimed at attracting investments in production and marketing, improving the availability of such goods for the consumer, encouraging increased sourcing of goods from India, and enhancing competi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and cottage industries, artisans and craftsmen, in all sectors. The quantum of domestic sourcing will be self-certified by the company, to be subsequently checked, by statutory auditors, from the duly certified accounts which the company will be required to maintain. This procurement requirement would have to be met annually from the commencement of the business i.e. opening of the first store. For the purpose of ascertaining the sourcing requirement, the relevant entity would be the company, incorporated in India, which is the recipient of Foreign Investment for the purpose of carrying out single-brand product retail trading. f) Subject to the conditions mentioned in this Para, a single brand retail trading entity operating through brick ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs. iv. Indian brands should be owned and controlled by resident Indian citizens and/or companies which are owned and controlled by resident Indian citizens. v. Government may relax sourcing norms for entities undertaking single brand retail trading of products having 'state-of-art' and 'cutting-edge' technology and where local sourcing is not possible. c. The existing S. No. 16.5 of Annex B of Schedule 1 shall be substituted by the following 16.5 Duty Free Shops 100% Automatic (i) Duty Free Shops would mean shops set up in custom bonded area at International Airports/ InternationalSeaports and Land Custom Stations where there is transit of international passengers. (ii) Foreign investment in Duty Free Shops is sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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