New Delhi, March 10 -- The union Cabinet on Tuesday approved key amendments to the Foreign Direct Investment (FDI) policy governing investments from countries sharing land borders with India, aiming to facilitate investment flows while maintaining necessary safeguards.
The revised framework introduces clearer norms for determining "beneficial ownership" of investors and provides faster processing of investment proposals in certain manufacturing sectors.
Under the updated policy, the definition of beneficial ownership will follow the norms specified under the Prevention of Money Laundering Rules, 2003.
The criteria will be applied at the level of the investor entity to determine the actual controlling interest behind foreign investments....