Latest news with #PressNote3
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Business Standard
a day ago
- Business
- Business Standard
'Govt has fast-tracked FDI approvals from neighbouring countries'
The government has significantly streamlined procedures for clearing FDI applications of neighbouring countries including China, with quicker decisions, and regular inter-ministerial committee meetings to ensure approvals are processed within the set timelines, an official said. The number of pending foreign direct investment (FDI)proposals from countries sharing land border with India under the provisions of Press Note 3 is less. Under Press Note 3 of 2020, the government has made its prior approval mandatory for foreign investments from countries that share land border with India. These countries are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan. As per that decision, FDI proposals from these countries need government approval for investments in India in any sector. "The government has streamlined a lot the procedures for clearance of applications coming under Press Note 3 of 2020. The time taken to decide on these applications has also come down significantly. Meetings of the inter-ministerial committee are happening regularly to ensure that within the laid down timelines, these applicants are decided upon," the official told PTI. Review of these meetings happens regularly at the cabinet secretary level also, the official, who did not wish to be named, said. At present, there is an inter-ministerial committee headed by the Home Secretary to consider applications under that press note. Industry experts have urged the government to ease Press Note 3 rules, as foreign firms with even tiny Chinese shareholding still need approval under this route. The Economic Survey 2024-25 had made a strong case for seeking foreign direct investments (FDI) from Beijing to boost local manufacturing and tap the export market. As the US and Europe are shifting their immediate sourcing away from China, it is more effective to have Chinese companies invest in India and then export the products to these markets rather than importing from the neighbouring country, the survey had said. At present, the bulk of the FDI coming into India falls under the automatic approval route. China stands at 23rd position with only 0.34 per cent share (USD 2.5 billion) in total FDI equity inflow reported in India from April 2000 to March 2025.
Time of India
2 days ago
- Business
- Time of India
Government has fast-tracked FDI approvals from neighbouring countries, cut approval time: Official
The government has significantly streamlined procedures for clearing FDI applications of neighbouring countries including China, with quicker decisions, and regular inter-ministerial committee meetings to ensure approvals are processed within the set timelines, an official said. The number of pending foreign direct investment (FDI)proposals from countries sharing land border with India under the provisions of Press Note 3 is less. Under Press Note 3 of 2020, the government has made its prior approval mandatory for foreign investments from countries that share land border with India. These countries are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Brits eligible for spray foam removal if they live in these postcodes Spray Foam Removal Scheme Apply Now Undo As per that decision, FDI proposals from these countries need government approval for investments in India in any sector. "The government has streamlined a lot the procedures for clearance of applications coming under Press Note 3 of 2020. The time taken to decide on these applications has also come down significantly. Meetings of the inter-ministerial committee are happening regularly to ensure that within the laid down timelines, these applicants are decided upon," the official told PTI. Live Events Review of these meetings happens regularly at the cabinet secretary level also, the official, who did not wish to be named, said. At present, there is an inter-ministerial committee headed by the Home Secretary to consider applications under that press note. Industry experts have urged the government to ease Press Note 3 rules, as foreign firms with even tiny Chinese shareholding still need approval under this route. The Economic Survey 2024-25 had made a strong case for seeking foreign direct investments (FDI) from Beijing to boost local manufacturing and tap the export market. As the US and Europe are shifting their immediate sourcing away from China, it is more effective to have Chinese companies invest in India and then export the products to these markets rather than importing from the neighbouring country, the survey had said. At present, the bulk of the FDI coming into India falls under the automatic approval route. China stands at 23rd position with only 0.34 per cent share (USD 2.5 billion) in total FDI equity inflow reported in India from April 2000 to March 2025. PTI
News18
2 days ago
- Business
- News18
Foreign Investment Clearances From Border Nations Fast-Tracked: Govt Official
Last Updated: The number of pending foreign direct investment (FDI) proposals from countries sharing a land border with India under the provisions of Press Note 3 is currently low. The government has simplified the process for FDI approvals from neighbouring countries, including China, by speeding up decision-making and holding regular inter-ministerial committee meetings to ensure approvals are granted within a timeline, an official said. The number of pending foreign direct investment (FDI) proposals from countries sharing a land border with India under the provisions of Press Note 3 is currently low. Under Press Note 3 of 2020, the government has made its prior approval mandatory for foreign investments from countries that share a land border with India. These countries are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan. As per that decision, FDI proposals from these countries need government approval for investments in India in any sector. 'The government has streamlined a lot the procedures for clearance of applications coming under Press Note 3 of 2020. The time taken to decide on these applications has also come down significantly. Meetings of the inter-ministerial committee are happening regularly to ensure that within the laid down timelines, these applicants are decided upon," the official told PTI. Review of these meetings happens regularly at the cabinet secretary level also, the official, who did not wish to be named, said. At present, there is an inter-ministerial committee headed by the Home Secretary to consider applications under that press note. Industry experts have urged the government to ease Press Note 3 rules, as foreign firms with even tiny Chinese shareholding still need approval under this route. The Economic Survey 2024-25 had made a strong case for seeking foreign direct investments (FDI) from Beijing to boost local manufacturing and tap the export market. As the US and Europe are shifting their immediate sourcing away from China, it is more effective to have Chinese companies invest in India and then export the products to these markets rather than importing from the neighbouring country, the survey had said. At present, the bulk of the FDI coming into India falls under the automatic approval route. China stands at 23rd position with only 0.34 per cent share (USD 2.5 billion) in total FDI equity inflow reported in India from April 2000 to March 2025. Watch India Pakistan Breaking News on CNN News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! First Published: June 01, 2025, 18:15 IST
Time of India
6 days ago
- Business
- Time of India
Audit alarm rings for Oppo, Realme as Indian units struggle with missing records, negative net worth
Auditors of the India units of Chinese smartphone manufacturers Oppo and Realme have flagged multiple concerns regarding their bookkeeping, processes, and incomplete records, according to Registrar of Companies (RoC) filings earlier this month. Analysts said auditor reports and observations have significant implications for stakeholders, including investors, creditors, and regulators. This comes at a time when the Chinese brands have been under intense regulatory scrutiny in India for the past four-five years, with the government alleging several irregularities such as customs duty and income tax evasion as well as money laundering. Turned a Profit in FY24 Investigations and court cases are ongoing. Oppo Mobiles India and Realme Mobile Telecommunications India, wholly owned by their Chinese parents through entities based in Hong Kong, didn't respond to queries. The auditor of the Oppo unit, India's third-largest smartphone brand, said in the RoC report that the company incurred substantial accumulated business losses in earlier years, resulting in negative net worth . It said the debt-equity ratio is adverse, raising significant concerns about financial stability and the ability to meet obligations. Oppo India 's net worth is a negative ₹3,551 crore as of FY24, according to the filing. 'The company is involved in material litigations and is subject to ongoing regulatory inquiries, outcomes of which are uncertain and could have a material impact on its financial position and operations,' the auditor said in the filing. 'These events and conditions indicate the existence of material uncertainties that may cast significant doubt on the company's ability to continue as a going concern.' Oppo India's non-current borrowings stood at ₹2,082 crore in FY24, including external commercial borrowings from its parent of ₹1,668 crore and working capital loans from HSBC Bank of ₹414 crore, according to the RoC data. Current borrowings were at ₹2,085 crore. Despite the negative net worth, equity funding from the parent may be a challenge for Oppo since it will require Press Note 3 clearance from the government, a long-drawn process that may not succeed. This refers to the rule that foreign direct investment (FDI) from countries sharing a land border with India will need government approval, which came into play amid a rise in tensions with China in 2020. However, Oppo India said in the filing that the company was profitable in FY24 and assured it will be able to generate sufficient profits and cash flows to operate as a going concern. It said the management is confident about bridging any 'cashflow mismatches' through working capital management and short-term funds from banks or its parent. The company paid ₹1,336 crore in FY24 as customs duty under protest over the disputed classification of goods and valuation issues, all of which is under litigation. In the case of the Realme unit, India's fifth-largest mobile phone brand, the auditor flagged lapses in procedures and record maintenance. The auditor was also not sure about the accuracy of accounts under certain heads and the completeness of the company's FY24 profit and loss accounts.
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Business Standard
7 days ago
- Business
- Business Standard
Auditors flag irregularities in Indian units of Chinese brands Oppo, Realme
Auditors of Chinese smartphone brands Oppo and Realme have raised several concerns about the financial and operational integrity of their India units, intensifying scrutiny on the firms already embroiled in multiple regulatory investigations. The issues were disclosed in recent filings with the Registrar of Companies (RoC), The Economic Times reported on Tuesday. Oppo flagged on negative net worth, external borrowings Oppo Mobiles India, the third-largest smartphone brand in the country, was flagged for having a negative net worth of ₹3,551 crore as of FY24, driven by accumulated business losses from previous years. The auditor also noted an adverse debt-equity ratio and significant external borrowings, including ₹1,668 crore from its Hong Kong-based parent and ₹414 crore in loans from HSBC Bank. Current borrowings also stood at ₹2,085 crore. The company is reportedly involved in several material litigations and is under regulatory examination, with uncertain outcomes that may impact its financial stability and operational continuity. Raising doubts about long-term viability, the auditor emphasised material uncertainties about Oppo's ability to continue as a going concern. Oppo says company is profitable Oppo, however, maintains it was profitable in FY24 and expressed confidence in managing short-term cash flow gaps through working capital arrangements or support from its parent. However, any equity infusion would require government approval under Press Note 3, mandated for FDI from neighbouring countries, posing a potential bottleneck in securing timely funds. Realme pulled up for procedural lapses Realme Mobile Telecommunications India, the fifth-largest player in its category in India, was also pulled up by its auditor for procedural lapses and inadequate record-keeping. Concerns were raised about the accuracy of financial accounts, with questions over the completeness of its FY24 profit and loss statement. These disclosures come amid ongoing probes involving customs duty disputes, income tax irregularities, and alleged money laundering by Chinese smartphone makers.
