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3.1	For all sectors excluding those falling under Government Approval, NRIs (which also includes PIOs) and OCBs (an overseas corporate body means a companyor other entity owned directly or indirectly to the extent of at least 60% by NRIs) are eligible to bring investment through the Automatic Route of RBI. All other proposals which do not fulfill any or all of the criteria for automatic approval are considered by the Government through the FIPB.
3.2	The NRIs and OCBs are allowed to invest in housing and real estate development sector, in which foreign direct investment is not permitted. They are allowed to hold up to100 per cent equity in civil aviation sector in which otherwise foreign equity only up to 40 per cent is permitted.