Benjamin, a foreign investor wants to make investment in India. He is not familiar with the Foreign Direct Investment (FDI) Scheme of India. He wants you to prepare the check list if he wants to make investment in publis

FDI in publishing of newspaper and periodicals dealing with news and current affairs can be done through government approval route. The checklist for the same is as under: Whether prior approval of Foreign Investment Promotion Board (FIPB) is obtained for FDI which are in excess of sectoral cap. Whether the shares issued to person who is a citizen of Bangladesh or an entity incorporated in Bangladesh/ Pakistan under the FDI Scheme is with the prior approval of the FIPB and is subject to the prohibitions applicable. Whether the conversion of import payables/pre-incorporation expenses / share swap is treated as consideration for issue of shares with the approval of FIPB. Whether the FDI in a non-SME has exceeded 24% of paid up capital or sectoral cap whichever is lower, if such non-SME has industrial licence for products reserved for SMEs. If so, prior approval of FIPB is obtained. Whether there is any transfer of shares from resident to non-resident which requires FIPB approval. Whether the Issue of shares to a non-resident against shares swap i.e., in lieu for the consideration which has been paid for shares acquired in the overseas company, can be done with the approval of FIPB.