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March 2015

A. P. (DIR Series) Circular No. 60 dated January 22, 2015

By Gaurang Gandhi Chartered Accountant

Reading Time 1 mins

Notification No. FEMA.329/2014-RB dated December 8, 2014 Foreign Direct Investment (FDI) in India – Review of FDI policy – Sector Specific conditions – Construction Development

This circular states that 100% FDI under Automatic route will be permitted in construction development sector with effect from December 3, 2014 provided the investment complies with the terms and conditions mentioned in the Press Note 10 (2014 Series) dated December 3, 2014.

As a result, in the existing Annex B of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, (Notification No. FEMA 20/2000-RB dated 3rd May 2000) entry 11, 11.1 and 11.2, the following shall be substituted as under: –