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This Circular clarifies that:
(a) With respect to foreign investment in commodity exchanges, the FDI component of 26% will be under the Approval Route whereas FII investment of 23% under PIS will be under the Automatic Route.
(b) 100% FDI under the Automatic Route is permitted only in case of ‘financial leases’ (financial leasing activity) and the Automatic Route is not available in case of ’operating leases’ (operating leasing activity).
