Udayavni Special

Galwan clash: Fin Min proposes restrictions on FDI in pension funds


PTI, Jun 20, 2020, 2:35 PM IST

New Delhi: Amid the growing tensions between India and China, the finance ministry has proposed putting restrictions on pension fund investments from any of India’s bordering countries.

Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority (PFRDA) is capped at 49 per cent under the automatic route.

According to a draft notification circulated for comments on Friday, “A government approval would be required for the investing entity or individual from any of the bordering countries including China. The relevant provisions of FDI policy issued from time to time would apply in all such cases.”

Any foreign investment from these countries will be subject to approval from the government.

The restriction would be applicable from the date of notification by the Government of India.

Stakeholders can submit their comments on the draft within 30 days, it added.

The changes have been proposed in accordance with the Department for Promotion of Industry and Internal Trade (DPIIT) guidelines issued in April.

Currently, government permission is mandatory only for investments coming from Bangladesh and Pakistan.

The development comes at a time when Indian and Chinese armies are engaged in a standoff in Pangong Tso, Galwan Valley, Demchok and Daulat Beg Oldie in eastern Ladakh.

Twenty Indian Army personnel, including a colonel, were killed in a clash with Chinese troops in the Galwan Valley on Monday night, the biggest military confrontation between the two sides in over five decades.

The situation has stirred anti-China sentiments in the country, with protestors and traders’ bodies calling for the boycott of Chinese products.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Indian fan complains of racism at SCG during third Test

Health experts in Karnataka receive COVID-19 vaccine shots, say its ”safe”

No one was consulted, govt must agree to start on ‘clean slate’: Chidambaram on farm laws impasse

Bharat Biotech to pay compensation if Covaxin causes side effects

‘Why Group D health workers?’ UTK says ministers, senior officials should step forward for vaccine shots

BSY releases special postal stamp after launching COVID vaccination drive

Rohit’s dismissal puts India on backfoot after rookie attack restricts Australia to 369


Related Articles More

Maha man kills girlfriend, hides her body in walls of flat; arrested: Police

No one was consulted, govt must agree to start on ‘clean slate’: Chidambaram on farm laws impasse

History will remember Rahul Gandhi for standing up to ‘present dictatorial regime’, says Mehbooba Mufti

Bharat Biotech to pay compensation if Covaxin causes side effects

Adar Poonawalla takes COVID-19 vaccine made by his company, shares video

MUST WATCH

Staff nurse Shobha, first to be vaccinated against Covid at Dr. TMA Pai hospital

Ravi Katapadi, the hope of the poorest children, won 12.5 lakhs at KBC | Udayavani

Signal surges ahead of Whatsapp amid privacy concerns

What do vaccine experts say about confusion over the covid vaccine?

Kota Srinivas Poojary launch Covid-19 vaccination drive in D.K District

Latest Additions

Indian fan complains of racism at SCG during third Test

Health experts in Karnataka receive COVID-19 vaccine shots, say its ”safe”

Maha man kills girlfriend, hides her body in walls of flat; arrested: Police

Mangaluru: Ward Committees likely to be formed by February end

Drone delivers mangalsutra in this wedding video that went viral

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.