Govt postpones decision on retaining insurance FDI cap at 26%
Agencies: New Delhi, May 10 2012, 21:29 IST
The government today postponed a decision on retaining the Foreign Direct Investment (FDI) ceiling in insurance at 26 per cent as suggested by the Standing Committee on Finance.
"The consideration of the item has been postponed because 26 per cent foreign investment is already permitted," Finance Minister Pranab Mukherjee told reporters after the meeting of the Union Cabinet here.
The Union Cabinet was expected to take a decision to retain the FDI limit at 26 per cent.
The committee in its report on the Insurance Laws (Amendment) Bill, 2008, had suggested that FDI should not be increased to 49 per cent as was provided in the Bill which was tabled in the Rajya Sabha.
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