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Never miss a great news story! Get instant notifications from Economic Times Allow Not now. Myntra reshuffles cabinet to comply with FDI rules. Rfal policy to have new FDI norms.

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NIFTY 50 10, Drag according to your convenience. According to reports, Cabinet has also approved major changes 100 real local single FDI in aviation and construction sectors. Approvals for such investments locap also been made automatic. After five years, the firm will have to meet the sourcing norm every year.

Brands such as Uniqlo and Xiaomi that had applied to start singlebrand retail businesses may now get approval under the automatic route. They have been seeking such a relaxation. Ownership and control of Air India will have to remain in 100 real local single hands of Indian nationals, the government said.

The Confederation of All India Traders opposed automatic approval, saying it would hurt local stores. In all sectors where FDI is allowed under the automatic route, the new policy will also allow the issue of shares against non-cash considerations such as pre-incorporation expenses, import of 100 real local single, etc, under the automatic route.

The Department of Industrial Policy and Promotion DIPP will process applications under the automatic route in cases where the investment is from a so-called country of concern 100 real local single now on. Security clearance for such FDI proposals was earlier dealt with by the ministry of home affairs.

For all proposals under the approval route requiring security clearance, the administrative ministry concerned will process the application. The FDI policy for pharmaceuticals was amended to stipulate that the definition of a medical device would be that included in the policy.

This was earlier subject to any amendment of the definition in the Drugs and Cosmetics Act. The changes cover audits as well.

An FDI investor can ask for the audit of an investee company by a particular auditor or audit 100 real local single having an international network. In such cases there will be a joint audit where one of the auditors is not part of the network sought by the FDI investors.

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Read more on fdi single brand retail. Unorganised 100 real local single can now subscribe to Rs 3, monthly pension scheme at common service centres.

Parliamentary panel seeks action against IT officers for irregular expenses assessment on freebies to doctors.

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