RESERVE BANK OF INDIA (RBI)
January 2, 2015
1. Overseas Investments by Alternative Investment Funds (AIF)
Reserve Bank of India (“RBI”) has vide its Circular No.48 dated December 09, 2014, decided to permit an Indian Alternative Investment Fund (“AIF”), registered with SEBI, to invest overseas in terms of the provisions issued under the A.P. (DIR Series) Circulars No. 49 and 50 dated April 30, 2007 and May 04, 2007 respectively.
2. Foreign Direct Investment (FDI) in India – Review of FDI policy – Sector Specific conditions- Railway Infrastructure
Foreign Direct Investment (“FDI”) is prohibited in activities / sectors not open to private sector investment e.g., Atomic Energy and Railway Transport (other than Mass Rapid Transport Systems) etc.,
RBI has vide its Circular No.47 December 8, 2014, notified that the extant FDI policy for railways sector has been reviewed and Department of Industrial Policy and Promotion (“DIPP”) has now permitted 100% FDI in railway Infrastructure sector under automatic route subject to conditions. Accordingly, it has been decided to permit FDI in the “Construction, operation and maintenance” activities of the Railway Transport sector as follows:
- Suburban corridor projects through PPP
- High speed train projects,
- Dedicated freight lines,
- Rolling stock including train sets, and locomotives/coaches manufacturing and maintenance facilities,
- Railway Electrification,
- Signaling systems,
- Freight terminals,
- Passenger terminals,
- Infrastructure in industrial park pertaining to railway line/sidings including electrified railway lines and connectivities to main railway line and
- Mass Rapid Transport Systems.
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