"A final view on all the con- cerns raised by the industries and media regarding the new FDI policy regime will be addressed within one-and-a-half months. Nothing will be brushed aside," added the official, who spoke on condition of anonymity
The new guidelines, issued by the department of industrial policy and promotion (DIPP) in February, have created confusion, especially in terms of what it means for sectors where foreign investment is prohibited or limited

The Reserve Bank of India (RBI) has also pointed out that seven private Indian banks, ICICI Bank Ltd, HDFC Bank Ltd, Yes Bank Ltd, IndusInd Bank Ltd, Federal Bank Ltd, ING Vysya Bank Ltd and Development Credit Bank Ltd, will have to be classified as foreign-owned banks under the new guidelines, as foreign ownership in these banks is at least 50%According to the new guide- lines, both ownership as well as control have to be with Indians for a company to be deemed Indian
Since the guidelines were issued, DIPP has started a consultation process with var
ious stakeholders to resolve the confusion
The official said the depart- ment is yet to hear from key stakeholders, including the finance ministry and RBI

The government is also looking at how trusts should be dealt with, the official quoted in the first instance said Akash Gupt, executive di- rector at audit and consulting firm PricewaterhouseCoopers, said this is important because a foreigner can also be a socalled beneficial (or indirect) owner of a trust
"Most venture capital funds have trust structures," Gupt added  

Source: Live Mint FRESH LOOK - Govt to clarify controversial FDI rules again within 45 days