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Government of India has amended the Foreign Direct Investment (FDI) policy for India’s neighboring countries to discourage opportunistic investment in Indian companies in the midst of the COVID-19 pandemic.
According to this amendment, FDI investments into Indian companies from the neighboring countries will now require permission from the Indian government. Before this new amendment FDI restrictions were placed on Pakistan and Bangladesh.
As per the amendment entity of a country, which shares land border with India (China, Pakistan, Bangladesh, Nepal, Myanmar, Bhutan and Afghanistan) or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government new rule.
“Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/activities other than defense, space, atomic energy and sectors/activities prohibited for foreign investment,” Government said.
