The six press notes are as follows -

GUIDELINES FOR FOREIGN INVESTMENT IN CREDIT INFORMATION COMPANIES

Press Note

On a review of the extant policy on Foreign Direct Investment, Government of India has decided to allow foreign investment in Credit Information Companies (CICs) as under.

2.Definitions
In terms of the Credit Information Companies (Regulation) Act, 2005-
(a) "credit information" means any information relating to--
(i)  the amounts and the nature of loans or advances, amounts outstanding under credit cards and other credit facilities granted or to be granted, by a credit institution to any borrower;
(ii) the nature of security taken or proposed to be taken by a credit institution from any borrower for credit facilities granted or proposed to be granted to him;
(iii) the guarantee furnished or any other non-fund based facility granted or proposed to be granted by a credit institution for any of its borrowers;
(iv) the creditworthiness of any borrower of a credit institution;
(v) any other matter which the Reserve Bank may, consider necessary for inclusion in the credit information to be collected and maintained by credit information companies, and, specify, by notification, in this behalf;
(b) "credit information company" means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration under sub-section (2) of Section 5.

3.   Policy for foreign investment in Credit Information Companies
3.1    Foreign investment in Credit Information Companies is subject to the Credit Information Companies (Regulation) Act, 2005.
3.2    Foreign investment i.e. Foreign Direct Investment (FDI) under the FDI Scheme incorporated as Schedule 1 under regulation 5 (1) of the Foreign Exchange Management (Transfer or Issue of Security By a Person Resident Outside India) Regulations, 2000 (FEMA Regulations) + investment by registered Foreign Institutional Investors (FII) under the Portfolio Investment Scheme incorporated as Schedule 2 under Regulation 5(2) of the FEMA Regulations, is allowed up to 49% with prior approval of the Government and regulatory clearance from RBI.
3.3   Investment by a registered FII under the Portfolio Investment Scheme would be permitted up to 24% only in the CICs listed at the Stock Exchanges, within the overall limit of 49% for foreign investment.
3.4    Such FII investment would be permitted subject to the conditions that:
(a)   No single entity should directly or indirectly hold more than 10% equity.
(b)  Any acquisition in excess of 1% will have to be reported to RBI as a reporting requirement; and
(c)   FIIs investing in CICs shall not seek a representation on the Board of  Directors based upon their shareholding.

4.    Change in Policy for FDI in NBFC activities
In pursuance of the policy as at 3 above, Government of India has decided to delete 'Credit Reference Agencies' from the list of NBFC activities in col. 20 of the Annex to Press Note 4(2006) dated 10.2.2006.

5.    FDI Policy announced vide Annex to Press Note 4 (2006) dated 10th February 2006 stands modified to the above extent.

Department of Industrial Policy & Promotion, Ministry of Commerce & Industry
New Delhi, 12th March, 2008 (Press Note No.1/2008)

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GUIDELINES FOR FOREIGN INVESTMENT IN COMMODITY EXCHANGES
Press Note

Futures trading in commodities are regulated under the Forward Contracts (Regulation) Act, 1952. Commodity Exchanges, like Stock Exchanges, are infrastructure companies in the commodity futures market.  With a view to infuse globally acceptable best practices, modern management skills and latest technology, it has been decided to allow foreign investment in Commodity Exchanges.
2.      Definitions
2.1   "Commodity Exchange" is a recognized association under the provisions of the Forward Contracts (Regulation) Act, 1952, as amended from time to time, to provide exchange platform for trading in forward contracts in commodities.
2.2   In terms of the Forward Contracts (Regulation) Act, 1952-
(a)    "recognized association" means an association to which recognition for the time being has been granted by the Central Government under Section 6 of the Forward Contracts (Regulation) Act, 1952.
(b)    "association" means any body of individuals, whether incorporated or not, constituted for the purposes of regulating and controlling the business of the sale or purchase of any goods and commodity derivative.
(c)    "forward contract" means a contract for the delivery of goods and which is not a ready delivery contract.
(d) "commodity derivative" means-
(i)     a contract for delivery of goods, which is not a ready delivery contract; or
(ii)   a contract for differences which derives its value from prices or indices of prices of such underlying goods or activities, services, rights, interests and events, as may be notified in consultation with the Forward Markets Commission by the Central Government, but does not include securities.

3.   Policy for foreign investment in Commodity Exchanges
3.1   Foreign investment will be allowed through a composite ceiling i.e. Foreign Direct Investment (FDI) under the FDI Scheme incorporated as Schedule 1 under regulation 5 (1) of the Foreign Exchange Management (Transfer or Issue of Security By a Person Resident Outside India) Regulations, 2000 (FEMA Regulations) + investment by registered Foreign Institutional Investors (FII) under the Portfolio Investment Scheme incorporated as Schedule 2 under Regulation 5(2) of the FEMA Regulations, is allowed up to 49%.
3.2   FDI will be allowed with specific prior approval of the Government .
3.3   Investment by registered FII under the Portfolio Investment Scheme will be limited to 23% and investment under the FDI Scheme will be limited to 26%.
3.4   FII purchases shall be restricted to secondary market only.
3.5   No foreign investor/ entity, including persons acting in concert, will hold more than 5% of the equity in these companies.

 Department of Industrial Policy & Promotion, Ministry of Commerce & Industry
New Delhi, 12th March, 2008 (Press Note No.2/2008)

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GUIDELINES FOR FOREIGN DIRECT INVESTMENT IN INDUSTRIAL PARKS

Press Note
            FDI up to 100% was permitted under the automatic route in Industrial Parks vide Government of India Press Note 2(2000).

2.     In 2005, vide Press Note 2(2005), the Government of India permitted FDI up to 100% on the automatic route in Construction development projects, etc. prescribing therein, inter-alia, the conditions for minimum capitalization, minimum area requirements and lock-in of original investment.
   
3.     The Government has considered the issue of whether the conditions prescribed for construction development projects vide Press Note 2(2005) should apply to Industrial Parks where FDI up to 100% was permitted since 2000.
   
4.     Definitions
   

4.4   "Allocable area" in the Industrial Park means-
(a) in the case of plots of developed land- the net site area available for allocation to the units, excluding the area for common facilities.
(b) in the case of built up space- the floor area and built up space utilized for providing common facilities.
(c) in the case of a combination of developed land and built-up space- the net site and floor area available for allocation to the units excluding the site area and built up space utilized for providing common facilities.
4.5  "Industrial Activity" means manufacturing, electricity, gas and water supply, post and telecommunications, software publishing, consultancy and supply, data processing, database activities and distribution of electronic content,  other computer related activities, Research and experimental development on natural sciences and engineering, Business and management consultancy activities and Architectural, engineering and other technical activities.
Guidelines for FDI in Industrial Parks
5.   Government of India has now decided to issue the following guidelines to clarify that FDI up to 100% under the automatic route would be allowed both in setting up and in established industrial parks and would not be subject to the conditionalities spelt out in Press Note 2(2005) provided the Industrial Parks meet with the under-mentioned conditions:
i.     it would comprise of a minimum of 10 units and no single unit shall occupy more than 50% of the allocable area;
ii.    the minimum percentage of the area to be allocated for industrial activity shall not be less than 66% of the total allocable area.

 Department of Industrial Policy & Promotion, Ministry of Commerce & Industry
New Delhi, 12th March, 2008 (Press Note No.3/2008)

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FDI POLICY FOR THE CIVIL AVIATION SECTOR

Press Note
       The present policy of FDI in the Civil Aviation sector covers Airports and Air Transport Services. The Civil Aviation sector, however, includes Airports, Scheduled and Non-Scheduled domestic passenger airlines, Helicopter services / Seaplane services, Ground Handling Services, Maintenance and Repair organizations; Flying training institutes; and Technical training institutions.  It has now been decided to amplify and lay down the policy for Foreign Direct Investment (FDI) for the Civil Aviation sector.
2.   Definitions
The policy for FDI in the Civil Aviation Sector would be subject to the Aircraft Rules, 1934 as amended from time to time, Civil Aviation Requirements, and Aeronautical Information Circulars as notified by the Ministry of Civil Aviation. In terms of these Rules/Circulars:-
(a)   "Airport" means a landing and taking off area for aircrafts, usually with runways and aircraft maintenance and passenger facilities and includes aerodrome as defined in clause (2) of section 2 of the Aircraft Act, 1934;
(b)  "Aerodrome" means any definite or limited ground or water area intended to be used, either wholly or in part, for the landing or departure of aircraft, and includes all buildings, sheds, vessels, piers and other structures thereon or appertaining thereto;
(c)  "Air transport service" means a service for the transport by air of persons, mails or any other thing, animate or inanimate, for any kind of remuneration whatsoever, whether such service consists of a single flight or series of flights.
(d) "Air Transport Undertaking" means an undertaking whose business includes the carriage by air of passengers or cargo for hire or reward.
(e) "Aircraft component" means any part, the soundness and correct functioning of which, when fitted to an aircraft, is essential to the continued airworthiness or safety of the aircraft and includes any item of equipment;
(f)  "Helicopter" means a heavier-than -air aircraft supported in flight by the reactions of the air on one or more power driven rotors on substantially vertical axis;
(g) "Scheduled air transport service", means an air transport service undertaken between the same two or more places and operated according to a published time table or with flights so regular or frequent that they constitute a recognisably systematic series, each flight being open to use by members of the public.
(h)  "Non-Scheduled Air Transport service" means any service which is not a scheduled air transport service and will include Chartered and Cargo airlines.
(i)  "Chartered" and "Cargo" airlines would mean such airlines which meet the conditions as given in the Civil Aviation Requirements issued by the Ministry of Civil Aviation.
(j)  "Seaplane" means an aeroplane capable normally of taking off from and alighting solely on water;
(k)  "Ground Handling" means (i) ramp handling , (ii) traffic handling  both of which shall include the activities as specified by the Ministry of Civil Aviation through the Aeronautical Information Circulars from time to time,  and (iii) any other activity specified by the Central Government to be a part of either ramp handling or traffic handling.

3.   Policy for FDI in Civil Aviation sector
3.1  Airports: As per the policy notified vide Press Note 4 (2006)-
(a)  Greenfield projects- FDI upto 100% is allowed under the automatic route.
(b)  Existing projects- FDI upto 100% is allowed with prior approval of the Government for FDI beyond 74%.
3.2  Air Transport  Services:
(a) Air Transport Services would include Domestic Scheduled Passenger Airlines; Non-Scheduled Airlines; Chartered Airlines; Cargo Airlines; helicopter and seaplane services.
(b) No foreign airlines would be allowed to participate directly or indirectly in the equity of an Air Transport Undertaking engaged in operating Scheduled, Non-Scheduled, and Chartered airlines.
(c)  Foreign airlines are allowed to participate in the equity of companies operating Cargo airlines, helicopter and seaplane services.

3.3 FDI  ceilings in Air Transport Services:
(a) Scheduled Air Transport Service/ Domestic Scheduled Passenger Airline - FDI up to 49% and investment by Non-resident Indians (NRI) up to 100% allowed on the automatic route.
(b) Non-Scheduled Air Transport Service/ Non-Scheduled airlines, Chartered airlines, and Cargo airlines- FDI up to 74% and investment by Non-resident Indians (NRI) up to 100% allowed on the automatic route.
(c) Helicopter services/seaplane services requiring DGCA approval- FDI up to 100% allowed on the automatic route.

3.4 FDI ceilings in other services under Civil Aviation sector
(a) Ground Handling Services- FDI up to 74% and investment by Non-resident Indians (NRI) up to 100% allowed on the automatic route. This will be subject to sectoral regulations and security clearance.
(b) Maintenance and Repair organizations; flying training institutes; and technical training institutions - FDI up to 100% allowed on the automatic route.

4.  FDI Policy announced vide Annex to Press Note 4(2006) dated 10th February 2006 stands modified to the above extent.

Department of Industrial Policy & Promotion, Ministry of Commerce & Industry
New Delhi, 12th March, 2008 (Press Note No.4/2008)

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RATIONALISATION OF FDI POLICY FOR THE PETROLEUM AND NATURAL GAS SECTOR
Press Note

The present policy on FDI in the Petroleum & Natural Gas sector vide Press Note 1(2004) and Press Note 4(2006) permits FDI up to 100% under the automatic route in exploration, petroleum product marketing, petroleum product pipelines, Natural Gas/LNG pipelines, and Petroleum refining in the private sector.  FDI up to 26% is permitted with prior Government approval in petroleum refining by the Public Sector Undertakings (PSU). In the case of actual trading and marketing of petroleum products, FDI is allowed up to 100% with the condition that 26% foreign equity would be divested in favour of Indian partner/public within 5 years.
2.        On a review of the extant policy for the Petroleum & Natural Gas sector, it has been decided to -
i)         delete the condition of compulsory divestment of up to 26% equity within  5 years for actual trading and marketing of petroleum products; and
ii)        allow FDI up to 49%, with prior approval of FIPB, in petroleum refining by PSUs without involving any divestment of dilution of domestic equity in the  existing PSUs.

3.       FDI Policy announced vide Annex to Press Note 4(2006) dated 10th February 2006 stands modified to the above extent.

Department of Industrial Policy & Promotion, Ministry of Commerce & Industry
New Delhi, 12th March, 2008 (Press Note No.5/2008)

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FDI POLICY FOR MINING OF TITANIUM BEARING MINERALS & ORES
Press Note

India has large reserves of beach sand minerals in the coastal stretches around the country.  Titanium bearing minerals viz. Ilmenite, rutile and leucoxene, and Zirconium bearing minerals including zircon are some of the beach sand minerals which have been classified as "prescribed substances" under the Atomic Energy Act, 1962.

2.        Under the Industrial Policy Statement 1991, mining and production of minerals classified as "prescribed substances" and specified in the Schedule to the Atomic Energy (Control of Production and Use) Order, 1953 were included in the list of industries reserved for the public sector. Vide Government of India Resolution No. 8/1(1)/97-PSU/1422 dated 6th October 1998 issued by the Department of Atomic Energy laying down the policy for exploitation of beach sand minerals, private participation including Foreign Direct Investment (FDI), was permitted in mining and production of Titanium ores (Ilmenite, Rutile and Leucoxene) and Zirconium minerals (Zircon). FDI up to 74% was permitted with prior approval of the Government in pure value addition projects without mining and mineral separation as well as integrated projects comprising both mining & mineral separation and value addition.

3.        Vide Government of India Notification No. S.O.61(E) dated 18.1.2006, the Department of Atomic Energy re-notified the list of "prescribed substances" under the Atomic Energy Act 1962. Titanium bearing ores and concentrates (Ilmenite, Rutile and Leucoxene) and Zirconium, its alloys and compounds and minerals/cpmcentrates including Zircon, were removed from the list of "prescribed substances".

4.        On a review of the extant policy on FDI, Government of India has now decided as under:
   

5.        FDI will not be allowed in mining of "prescribed substances" listed in the Government of India Notification No. S.O. 61(E) dated 18.1.2006 issued by the Department of Atomic Energy.

4.        FDI Policy announced vide Annex to Press Note 4(2006) dated 10th February 2006 stands modified to the above extent.