https://www.taxtmi.com/circulars?id=11866 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. en-us Wed, 03 Oct 2012 00:00:00 +0530 Sat, 06 Oct 2012 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=11866 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. Circulars FEMA Wed, 03 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11866