The ministry of finance is the watch dog of this country. They have gone ahead and rejected the proposal given by the Department of Industrial Policy and Promotion (DIPP), which stressed on removal of three year restriction in Foreign Direct Investment (FDI) which is in the real estate segment. According to the sources saying at www.propertykhazana.com, this will improve the segment and the Finance Ministry has refused the scheme from DIPP to remove this clause.
DIPP was instrumental in circulating the information in November 2009, the ministry said that the restrictions acted as a block, checking frauds, money laundering, preventing unauthorized transactions and transfer of money during crisis situations. As per the records at www.propertykhazana.com, during the recession in year 2008, the foreign investors removed approx, USD $6 from the equity investments between September and October.
DIPP created the FDI policy which is monitored by FIPB a department of finance ministry. FDI policy has to be in line with the Foreign Exchange Management Act (FEMA). This implies that the policy is managed by RBI and the finance ministry. The disagreement is due to the fact that the rectification after the recession in 2009, the prices of real estate did not come down compared to other property. This was due to the restrictions which prevented the foreign players from getting out of this segment which in the coming years would lead to disaster. For more of this flip-flops please visit the website www.propertykhazana.com.
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