Wednesday, July 15, 2009

FIPB SAYS PRESS NOTES 2, 4 CAN’T BE RETROSPECTIVE

The Foreign Investment Promotion Board (FIPB) has made it clear that press Notes 2 and 4 issued in February 2009, which changed the way indirect foreign equity would be treated in calculating foreign investment levels in Indian corporations, cannot take effect retrospectively for proposals before the board.

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