(a) In some states, the Municipal authority is the ultimate monitoring authority
(b) In smaller states and in non-urban areas, the town and country planning corporation acts as the monitoring authority.
(c) In urban areas where most of the construction takes place, the municipal authority wields power in giving the final permission and sanctioning drawings and plans. Clearances on electricity, water supply and other utilities come from here
The new FDI norms state that the minimum investment has to be USD 5 million for 51% shareholding. Does this include funding of subsidiaries as well?
(a) If you have a wholly owned subsidiary by a foreign company then the minimum capitalization norm is USD 10 million
(b) If you have a joint venture, the ratio 74:26 or 51:49 is immaterial. For a joint venture, the minimum capitalization is USD 5 million in foreign exchange
(c) This minimum amount of foreign exchange is required to arrive within six months from the date of commencement of business. The six months can be used to bring that money into India.