Date:14/02/2007 URL: http://www.thehindubusinessline.com/2007/02/14/stories/2007021403000200.htm

Back Clarification

In response to a report published in these columns on February 10, the Kolkata-based Visa group has clarified that the approval received from the Foreign Investment Promotion Board (FIPB) allows it to undertake high sea sales.

The letter issued by the FIPB reads as follows: "The approval is subject to the conditions that (i) High sea sales being conducted as per the guidelines in prevalent EXIM and Trade Policy, (ii) Commodity broking would not be undertaken in any way."