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November 2015

DIPP Press Note No. 11 (2015 Series) dated 1st October, 2015

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Foreign Direct Investment (FDI) up to 100% in White Label ATM Operations under Automatic Route

This Press Note states that the Government of India has permitted 100% investment under the Automatic Route in White Label ATM Operations, with immediate effect.

Accordingly, a new sub-paragraph 6.2.18.8.3 has been inserted in paragraph 6.2.18.8 of the Consolidated FDI Policy as under: –

Other conditions: –
1. Any non-bank entity intending to set-up WLA should have a minimum net worth of Rs. 100 crore per the latest financial year’s audited balance sheet, which is to be maintained at all times.
2. In case the entity is also engaged in any other 18 NBFC activities, then the foreign investment in the company setting up WLA, shall also have to comply with the minimum capitalisation norms for foreign investments in NBFC activities, as provided in Para 6.2.18.8.2.
3. FDI in the WLAO will be subject to the specific criteria and guidelines issued by RBI vide Circular No. DPSS. CO.PD. No. 2298/02.10.002/2011-2012, as amended from time to time.

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