https://www.taxtmi.com/circulars?id=7381 Foreign investment in purely financial consultancy that is non-fund based is exempt from minimum capitalisation norms, on condition that the company shall not set up any subsidiary for other activities and any equity it contributes in an NBFC holding/operating company will not be reckoned as domestic equity. NBFCs carrying out fund-based activities remain subject to minimum capitalisation requirements. en-us Tue, 03 Nov 1998 00:00:00 +0530 Fri, 04 Sep 2009 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=7381 Foreign investment in purely financial consultancy that is non-fund based is exempt from minimum capitalisation norms, on condition that the company shall not set up any subsidiary for other activities and any equity it contributes in an NBFC holding/operating company will not be reckoned as domestic equity. NBFCs carrying out fund-based activities remain subject to minimum capitalisation requirements. Circulars FEMA Tue, 03 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/circulars?id=7381