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September 2012

A. P. (DIR Series) Circular No. 16 dated 22nd August, 2012

By Gaurang Gandhi, Chartered Accountant
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Foreign Direct Investment by citizen/entity incorporated in Pakistan. Press Note No.3 (2012 Series) Press Note No.3 (2012 Series) dated: 1st August, 2012.

Presently, a citizen of Pakistan or an entity incorporated in Pakistan, is not allowed to purchase shares or convertible debentures of an Indian company under Foreign Direct Investment (FDI) Scheme.

This circular permits, under the Approval Route, a person who is a citizen of Pakistan or an entity incorporated in Pakistan to purchase shares and convertible debentures of an Indian company under FDI Scheme. However, the Indian company in which FDI is received must not be engaged/must not engage in sectors/activities pertaining to defense, space and atomic energy and sectors/activities prohibited for foreign investment.

RBI HAS ISSUED NEW MASTER CIRCULARS ON 2nd JULY, 2012.

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