CURRENT AFFAIRS

Detailed explanation-1: -Notes: The Administrative Council (AC) under the chairmanship of Lieutenant Governor Manoj Sinha, approved the policy on promotion of foreign investment in the industrial sector in Jammu and Kashmir.

Detailed explanation-2: -The present policy prohibits FDI in the following sectors: Gambling and Betting. Lottery business (including government/ private lottery, online lotteries etc) Activities /sectors not open to private sector investment (eg, atomic energy /railways)

Detailed explanation-3: -Foreign Investment in India is governed by the FDI policy announced by the Government of India and the provisions of the Foreign Exchange Management Act (FEMA) 1999. Reserve Bank of India has issued Notification No. FEMA 20/2000-RB dated May 3, 2000 which contains the Regulations in this regard.

Detailed explanation-4: -Proposals for raising FDI beyond 49% from such companies will require Government approval. Licence applications will be considered by the Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry, in consultation with Ministry of Defence and Ministry of External Affairs.

Detailed explanation-5: -In the railway sector FDI is not permitted by the Government of India. Railway sector is completely owned, managed and controlled by the Indian Government.