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Foreign investment caps remain in bank, defence: Sitharaman

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New Delhi: After India clubbed categories of foreign capital flowing into domestic companies, Commerce Minister Nirmala Sitharaman on Monday said foreign institutional investment (FII) limits in the banking and defence sector have been retained at existing levels to prevent disruptions in sensitive sectors.

“In defence as regards the cap which prevailed for FII and in banking, particularly the private sector banking, on FIIs… in those two specific areas, specific sub-caps will prevail,” she told reporters at an event here on trademarks, jointly organised by her ministry, the World Intellectual Property Organisation and industry chamber Ficci.

“We do not want fly-by-night operators or quick money coming in or going out,” the minister said.

In a move to attract more foreign investment and simplify norms, foreign institutional investment, foreign portfolio investment, qualified foreign investment, and non-resident Indian investments have been clubbed into a single composite category.

Under the existing policy, there are different caps for separate investment categories like foreign direct investment (FDI), FII and NRIs.

“The cabinet approved the introduction of composite caps for the simplification of foreign direct investment,” Finance Minister Arun Jaitley told reporters here after the decisions.

Among the decisions, a single entity under any of these categories can invest up to 10 percent of the capital of a company, while collectively it can go up to 24 percent.

But the cabinet has allowed companies to raise the limit of such investments beyond 24 percent as long as these fall within the sectoral cap in which these operate. This apart, no changes were made in the existing limits on foreign equity in various sectors.

The introduction of composite caps has led to confusion among bankers who say overseas portfolio investments can now go up to 74 percent as against the current ceiling of 49 percent.

Opposition parties, including the Congress and the Left, have opposed the proposal on the ground that portfolio investment is by nature very short-term “hot money” that can leave the country any time, creating crises of capital outflow.

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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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