Press Note 7 blocks FDI in select sectors
The department of industrial policy & promotion (Dipp) under the ministry of commerce has issued Press Note 7, 2008.
By ET Bureau |
NEW DELHI: The department of industrial policy & promotion (Dipp) under the ministry of commerce has issued Press Note 7, 2008, prohibiting foreign direct investment (FDI) in retail trading, atomic energy, lottery business, gambling and betting, chit fund business, nidhi companies and trading in transferable development rights. The new Press Note is a summary of the extant FDI policy of the government formulated in the last fiscal.
In 2006, Dipp had issued a similar Press Note to clarify the policy of the government in detail after the policy review on FDI was undertaken in 2005-06. The note was summarised under Press Note 4, 2006.
In line with the practice, Dipp has included all policy revisions issued vide Press Note 5, 2006, Press Note 2, 2007, and 3, 2007, in the new Press Note. A comprehensive review of the FDI policy was undertaken in 2007-08 and the policy measures were notified vide Press Note 1-6, 2008.
In 2006, Dipp had issued a similar Press Note to clarify the policy of the government in detail after the policy review on FDI was undertaken in 2005-06. The note was summarised under Press Note 4, 2006.
In line with the practice, Dipp has included all policy revisions issued vide Press Note 5, 2006, Press Note 2, 2007, and 3, 2007, in the new Press Note. A comprehensive review of the FDI policy was undertaken in 2007-08 and the policy measures were notified vide Press Note 1-6, 2008.
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