Foreign Direct Investment in Construction Development allowed under automatic route, subject to FEMA amendments and guidelines. The circular gives effect to Government policy permitting foreign direct investment in townships, housing, built-up infrastructure and construction development projects under the automatic route, records amendment of the FEMA (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 via the Third Amendment Regulations, 2005, and directs Authorised Dealer banks to notify constituents; the instructions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to other required permissions.
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Foreign Direct Investment in Construction Development allowed under automatic route, subject to FEMA amendments and guidelines.
The circular gives effect to Government policy permitting foreign direct investment in townships, housing, built-up infrastructure and construction development projects under the automatic route, records amendment of the FEMA (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 via the Third Amendment Regulations, 2005, and directs Authorised Dealer banks to notify constituents; the instructions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to other required permissions.
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