Financial Daily
from THE HINDU group of publications
Tuesday, June 06, 2000
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Financial Daily from THE HINDU group of publications Tuesday, June 06, 2000 |
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Representations against freeing FDI in trading
Our Bureau
NEW DELHI, June 5
THE Government has received representations from various quarters against permitting FDI in retail trading, according to an official press release issued on Monday.
Under the current policy, foreign direct investment in retail trading is not permissible.
FDI up to 51 per cent for trading is allowed through the automatic route subject to the condition that the undertaking concerned should be an export house, registered under the provisions of the Export and Import Policy in force.
FDI up to 100 per cent is permitted in case of trading involving the exports, bulk imports with exports/exbonded warehouse sales, cash and carry wholesale trading, other import of goods or services provided that at least 75 per cent is for procurement an
d sale of goods and services among the companies of the same group and not for third party use or onward transfer/distribution/sales, etc.
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