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Quick look 12: Galwan Valley face-off and Draft foreign investment rules for pension funds issued

Siddharth Mathew Cherian | Updated on June 21, 2020 Published on June 21, 2020

India lost 20 of its army personnel, including a colonel, in the violent face-off on the night of June 15/16 in Ladakh’s Galwan Valley, the biggest confrontation between the militaries of India and China since 1967.

Amid growing tensions between India and China, the finance ministry has proposed putting restrictions on pension fund investments from any of India’s bordering countries.

Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority is capped at 49 per cent under the automatic route.

According to a draft notification circulated for comments on Friday, “A government approval would be required for the investing entity or individual from any of the bordering countries including China. The relevant provisions of FDI policy issued from time to time would apply in all such cases.”

The changes have been proposed in accordance with Department for Promotion of Industry and Internal Trade guidelines issued in April.

This week, Apple's WWDC, A highly anticipated event among developers and app builders, who will get a glimpse of the upcoming operating systems on iPhones and Mac devices.

There are likely to be some product announcements at the event.

Published on June 21, 2020