India Brings Changes In FEMA Allowing Inflow Of Foreign Investment Into Real Estate Investment

07 May, New Delhi

The Cabinet approved changes in Foreign Exchange Management Act, FEMA to allow inflow of foreign investment into Real Estate Investment. The approval allows the Real Estate Investment Trusts to work as an eligible financial instrument under the Act.

The Cabinet also approved revised agreement between India and Korea for the Avoidance of Double Taxation and Prevention of fiscal evasion taxes on income. It will provide tax stability to the residents of two countries and facilitate mutual economic cooperation as well as stimulate the flow of investment, technology and services between the two countries.

Besides, the Cabinet gave its nod for the signing of a Memorandum of Understanding on Renewable Energy Cooperation between India and Seychelles.

The MoU was signed in March this year during the visit of the Prime Minister to Seychelles. The objective of the MoU is to strengthen, promote and develop renewable energy cooperation between the two countries.

The Union Cabinet also cleared building of the GSAT-18 and GSAT-17 spacecrafts. They are communication satellites for providing replacement capacity. The spacecrafts will augment and support the existing telecommunication, television and other related services in the country.