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of <h1>Clarification on FDI Policy: $5M Minimum Capitalization Required in 6 Months for Construction Projects; Exit Rules Updated.</h1> The circular provides clarifications on the Foreign Direct Investment (FDI) policy in the Construction Development sector as outlined in Press Note 10 of 2014. It specifies that new FDI cannot be introduced if the minimum capitalization of $5 million is not achieved within six months of project commencement. The commencement date is defined by the approval of the building plan. Exit is allowed with approval even before project completion or infrastructure development. The policy allows automatic exit post-project completion or infrastructure development, whichever is earlier. The circular also clarifies that past investments are not adversely affected and outlines conditions for non-resident transfers, minimum capitalization, and management of completed projects.
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