FDI conditions updated: transfer and issue rules amended to remove certain prior permission provisos and revise sectoral restrictions. The amendment removes provisos requiring prior Central Government permission for transferees with existing ventures or collaborations, revises Schedule 1 to allow share issuance against SEZ capital goods subject to valuation by a Development Commissioner-Customs Committee, and substitutes paragraph 3 to delineate circumstances requiring FIPB approval for issuance to non-residents, including specified activities, issuance beyond sectoral limits, share swaps, issuance against capital goods or preoperative expenses, and updates the list of sectors prohibited for FDI in Annex A.
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Provisions expressly mentioned in the judgment/order text.
FDI conditions updated: transfer and issue rules amended to remove certain prior permission provisos and revise sectoral restrictions.
The amendment removes provisos requiring prior Central Government permission for transferees with existing ventures or collaborations, revises Schedule 1 to allow share issuance against SEZ capital goods subject to valuation by a Development Commissioner-Customs Committee, and substitutes paragraph 3 to delineate circumstances requiring FIPB approval for issuance to non-residents, including specified activities, issuance beyond sectoral limits, share swaps, issuance against capital goods or preoperative expenses, and updates the list of sectors prohibited for FDI in Annex A.
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