FEMA notification easing FDI norms for China, other land-border countries awaited

The recent decision to liberalise FDI norms for countries sharing a land border (LBCs) with India, including China, is awaiting a final green light as the Finance Ministry is yet to notify the formal changes under Foreign Exchange Management Act (FEMA) law. While the Cabinet cleared the DPIIT proposal to ease beneficial ownership rules on March 10, internal consultations are still on at the Department of Economic Affairs and the final FEMA notification is expected soon, a DPIIT official said. “The DEA will have to issue the notification under FEMA. It will be notified very soon. It requires a lot…