Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Setting up of step down (operating) subsidiaries by NBFCs having foreign investment above 75% and below 100% and with a minimum capitalisation of US$ 50 million - amendment of paragraph 6.2.24.2 (1) (iv) of 'Circular 1 of 2012- Consolidated FDI Policy'
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Foreign investment threshold change allows majority foreign owned NBFCs to form step down subsidiaries without bringing additional capital. The amendment permits NBFCs with foreign investment above three quarters and up to full ownership and with a minimum capitalisation to set up step down subsidiaries for specified NBFC activities without restriction on the number of operating subsidiaries and without bringing in additional capital; the minimum capitalization requirement in the circular therefore does not apply to downstream subsidiaries.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign investment threshold change allows majority foreign owned NBFCs to form step down subsidiaries without bringing additional capital.
The amendment permits NBFCs with foreign investment above three quarters and up to full ownership and with a minimum capitalisation to set up step down subsidiaries for specified NBFC activities without restriction on the number of operating subsidiaries and without bringing in additional capital; the minimum capitalization requirement in the circular therefore does not apply to downstream subsidiaries.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.