Karnataka Government nods to implement policy on multi-brand retail trading

CONSOLIDATED FDI POLICY CIRCULAR 1 OF 2013 - REVIEW OF THE POLICY ON FOREIGN DIRECT INVESTMENT IN THE MULTI BRAND RETAIL TRADING SECTOR- AMENDMENT OF PARAGRAPH 6.2.16.5(2)

PRESS NOTE NO. 3 (2013 SERIES), DATED 4-7-2013

1.0 Present Position:

1.1 As per paragraph 6.2.16.5 of 'Circular 1 of 2013- Consolidated FDI Policy', effective from 5.4.2013, FDI, up to 51%, under the government approval route, is permitted in the multi-brand retail trading sector, subject to specified conditions.

1.2 The list of States/Union Territories which have conveyed their agreement for the policy in Multi-brand retail trading is contained in Paragraph 6.2.16.5 (2) of the said Circular, amended vide Press Note 1 (2013 series) dated 3.6.2013, as under:

6.2.16.5 (2) LIST OF STATES/ UNION TERRITORIES AS MENTIONED IN PARAGRAPH 6.2.16.5(l)(viii)

1. Andhra Pradesh

2. Assam

3. Delhi

4. Haryana

5. Himachal Pradesh

6. Jammu & Kashmir

7. Maharashtra

8. Manipur

9. Rajasthan

10. Uttarakhand

11. Daman & Diu and Dadra and Nagar Haveli (Union Territories)

2.0 Revised Position:

2.1 The Government of Karnataka has given its consent to implement the policy on multi-brand retail trading in Karnataka in terms of paragraph 6.2.16.5 (1) (viii). The list of States/ Union Territories as at paragraph 6.2.16.5 (2) therefore, is amended to read as below:

3.0 The above decision will take immediate effect.