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April 2008

Press Note No. 6 (2008), dated 12-3-2008. —FDI Policy for mining of titanium bearing minerals and ores.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
Chartered Accountants
Reading Time 2 mins
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Part C : RBI/FEMA

Given below are the highlights of 6 Press Notes issued by the
Ministry of Commerce & Industry.

 

21 Press Note No. 6 (2008), dated 12-3-2008.
—FDI Policy for mining of titanium bearing minerals and ores.

The guidelines for mining of titanium bearing minerals and
ores are :

 

FDI up to 100% is allowed after obtaining prior approval of
FIPB in mining and mineral separation of titanium bearing minerals and ores, its
value addition and integrated activities, subject to sectoral regulations and
the Mines and Minerals (Development and Regulation) Act, 1957.

 

In case of separation of titanium bearing minerals and ores,
the following additional conditions will apply :



(a) Value addition facilities are set up in India along
with transfer of technology.

(b) Disposal of tailing during mineral separation will be
carried out in accordance with regulations framed by the Atomic Energy
Regulatory Board.

 


FDI will not be allowed in mining of ‘prescribed substances’
listed in the Government of India Notification No. S.O. 61(E), dated 18-1-2006
issued by the Department of Atomic Energy.

 

FDI policy Annexed to Press Note No. 4 (2006), dated 10-2-2006 stands
modified to the extent stated above.

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