FIPB rejects four FDI proposals, defers one

The government body that approves foreign direct investments ( FDI) has rejected as many as four proposals and deferred one in its last meeting because there was no clarity about sources of funds and beneficiaries of investments, sending clear signal that government may be desperate for foreign funds but it will insist on antecedence of funds. The stand is also consistent with India's commitment to the global anti-money laundering body Financial Action Task Force (FATF) to take steps to clearly establish beneficial ownership.