CORRIGENDUM - Notification No. FEMA. 362/2016-RB dated February 15, 2016

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....Bank of India, Foreign Exchange Department No. FEMA. 362/2016-RB dated February 15, 2016 bearing G.S.R.No. 166(E) and published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) (hereinafter referred as Gazette Notification) 2. In paragraph 2(C) (iv), S. No. 9.3 and 9.3.1 shall be substituted as under: 9.3 Air Transport Services  ....

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....o invest in the capital of Indian companies, operating scheduled and non-scheduled air transport services, up to the limit of 49% of their paid-up capital. Such investment would be subject to the following conditions: (i) It would be made under the Government approval route. (ii) The 49% limit will subsume FDI and FII/FPI investment. (iii) The investments so made would need to comply with....

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....t; and (vi) All technical equipment that might be imported into India as a result of such investment shall require clearance from the relevant authority in the Ministry of Civil Aviation. Note: (i) The FDI limits/entry routes, mentioned at paragraph 9.3(1) and 9.3(2) above, are applicable in the situation where there is no investment by foreign airlines. (ii) The dispensation for NRIs ....