The government on Tuesday notified its decision to permit 100 per cent FDI under automatic route in the telecom services sector. In a press note, the Department for Promotion of Industry and Internal Trade (DPIIT) said foreign investment in telecom services will be subject to the condition of Press Note 3 of 2020.
Accordingly, cases requiring prior government approval under the provisions of Press Note 3 will continue to be in place.
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As per the Press Note 3, an entity of a country, which shares a land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the government route.