Close on the heels of the approval of Union Cabinet chaired by the Prime Minister Mr. Narendra Modi, on September 9, 2015, to review the extant FDI Policy and allow FDI of up to 100% (one hundred percent) in the White Label Automated Teller Machine Operations ("WLAO"), through the automatic route, the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry has issued a Press Note No. 11 (2015 Series) ("Press Note 11") on October 1, 2015 which has come into immediate effect. Salient features of the Press Note 11 remain the same as was highlighted in our earlier update (covered in our newsletter of September 2015).
This is a significant step in not only increasing the ease of making foreign investment but also the achievement of financial inclusion in the country, especially considering the schemes within the guidelines that mandate the setting up of WLAs in Tier III to VI centers.
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