Tuesday, December 2, 2008

the FVCI investment is now permitted only in the 10 specified sectors

Issues in the FVIC route?

As per the recent approvals granted, the FVCI (foreign venture capital investment) vehicle is, inter alia, permitted to invest in the infrastructure sector. But what is the meaning of `infrastructure,' wonders Mr Punit Shah, Leader, Financial Service Tax practice, Pricewaterhouse Coopers. "The issue for consideration here is whether infrastructure should be understood generally or as defined in the exchange control regulations or as per the Income-Tax Act, 1961," Mr Shah adds, during the course of a recent email interaction with Business Line.

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