Mayaram panel on FDI, FII to finalise report by next week

Tags: News
A high-level panel headed by Economic Affairs Secretary Arvind Mayaram will finalise by early next week, its report on the definition of FDI and FII, aimed at removing ambiguity on the two types of foreign investment.

"Much of the work has been done. We are on the same page. By early next week, the report (on the definition of FDI and FII) will be finalised," a government official who today attended the meeting on the matter said.

The government had set up a four-member committee headed by Mayaram to define foreign direct investment (FDI) and foreign institutional investment (FIIs) and remove the ambiguity between them.

Allaying apprehensions that the new definitions would alter ownership pattern of different companies, Mayaram had earlier this week said that new norms would not apply existing arrangements.

"We should remember that there is already a circular by the RBI and a DIPP Press Note which grandfathers everything which happens earlier. So we don't upset everything that has happened. Because ultimately policies keep changing. You cannot change history, so anything else which doesn't fall within this will be grandfathered," he had said.

The Secretary too had said the report on new FDI and FII definition is likely to be finalised by early next week.

Finance Minister P. Chidambaram in his Budget speech had proposed to follow the international practice with regard to definitions of FDI and FII.

Chidambaram has proposed laying down a broad principle that would consider a stake of 10 per cent or less in a company as FII and an investment exceeding 10 per cent as FDI.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Lawmakers must not dilute penalties for insurers on mis-selling

    The much delayed insurance laws (amendment) bill is back in the news and the positive statements of finance minister Arun Jaitley suggest that the gov

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

New model for effective education

After interacting with students and teaching community on a ...

Zehra Naqvi

Being unrealistic can be good for you

Depression is a term that most people use very casually ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture