Corrigendum to Press Note 7 (2008) - Consolidated Policy on Foreign Direct Investment

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....l errors had crept in at Sl. No. 25 of the Annex to the Press Note.  Accordingly, this Corrigendum is issued.             In the Annex to Press Note 7 (2008), Sl. No.25 under para II, the following substitution is made: For the existing provision 25. Non Banking Finance Companies i) Merchant Banking 100% Automatic ....

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....lso be allowed to set up subsidiaries for undertaking other NBFC activities subject to the subsidiaries also complying with the applicable minimum capital inflow. e. compliance with the guidelines of the RBI. f. The minimum capitalization norms would apply would be applicable where the foreign holding in a NBFC(both direct and foreign holding in a NBFC(both direct and indirect) exceeds the l....

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....   xvi) Credit card Business Money changing      xvii) business Micro credit     xviii) Rural credit             Read the revised provision as: 25. Non Banking Finance Companies i) Merchant Banking 100% Automatic Subject to: a. minimum capitalization norms for fun....

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....NBFC activities subject to the subsidiaries also complying with the applicable minimum capital inflow. e. compliance with the guidelines of the RBI.     ii) Underwriting Portfolio Management Services     iii) Investment Advisory Services     iv) Financial Consultancy     v) Stock Broking     ....