As per the existing norms that remain unchanged, firms will have to meet the sourcing norms from the time of opening of the first store. Other applicants such as Chinese mobile companies LeEco and Xiaomi, had also sought a waiver of the sourcing norms. In a press note issued on Friday, it was also revealed that local sourcing norms have not been relaxed for FDI in single brand retail trading for other entities. This means that these entities hoping for a complete waiver from sourcing norms under the previous rules will have to reassess their India plans and take a call of reapplying under the new sourcing regime. Photo: BloombergNew Delhi: Clearing the air on foreign direct investment in single brand retailing, the government clarified that entities like Apple Inc claiming to bring state-of-art and cutting-edge technology will only get a waiver from local sourcing norms for three years and a further five years of a relaxed sourcing regime.

Source: Mint June 25, 2016 08:03 UTC