ARTICLE · 27 SEPTEMBER 2015

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Seth Dua & Associates

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Further, it is to note that 100 percent FDI under automatic route for manufacturing of medical devices for both greenfield investment and brownfield investment will not be subject to the above mentioned conditions.

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Seth Dua & Associates

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Reserve Bank of India Prohibits Citizens of Macau and Hong Kong from Acquiring / Transferring Immovable Property in India

The RBI includes citizens of "Macau" and "Hong Kong" in the list of Asian countries whose citizens are required to have prior approval of RBI to acquire/ transfer immovable property in India, other than lease not exceeding 5 years. Other Asian countries include Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, where the citizens of these countries cannot acquire property in India unless they have the permission of RBI.

Foreign Direct Investment in Insurance Sector

Foreign Direct Investment ("FDI") policy for Insurance sector has been liberalized. FDI in Insurance sector is permitted up to 49 percent. "Other Insurance Intermediaries" has also been included within the definition of 'Insurance'. FDI in Indian insurance company shall be limited up to 49 percent of the paid up equity share capital.

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