After the railways, now the finance ministry has dealt a huge economic blow to China, taking this drastic step.

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New delhi date. Saturday, June 20, 2020

Amid rising tensions between the two neighbors, India and China, the finance ministry has now dealt a heavy economic blow to China, following the railway ministry. The ministry has proposed a ban on foreign investment in pension funds from any country bordering India, including China. Under the regulation of the Pension Fund Regulatory and Development Authority (PFRDA), 49 per cent foreign investment is allowed in pension funds.

According to a notice issued on Friday, "Any investment unit or individual from any country bordering India, including China, must seek government approval for investment." Provisions relating to FDI (FDI) policies announced from time to time will apply in such cases. The government has sought the views of all parties on the issue.

Any foreign investment from such countries will depend on government approval. The ban will be effective from the date of publication of the notification of the Government of India. The proposal comes amid rising tensions following violent clashes between Indian and Chinese forces in the Galvan Valley.

The proposed changes are in line with the guidelines issued by the Department of Industrial Promotion and Internal Trade (DPIIT) in April. Currently, only government approvals are required for investments from Bangladesh and Pakistan.

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