3. Permission to be Obtained:
(1) Permission of the Department shall be required to be obtained for foreign investment or technology transfer.
(2) A person desiring to avail the foreign investment or technology transfer shall be required to make an application to the Department in the prescribed form along with the prescribed particulars for obtaining permission in
that behalf.
(3) If an application is made pursuant to Sub-section (2) the Department shall, in the case of an industry with fixed assists up to five hundred million rupees, itself, and in the case of an industry with fixed assets in excess thereof, in
accordance with the decision of the Board, grant permission within thirty days from the date of application. The Department shall communicate the decision made in regard to such permission to the applicant.
(4) Notwithstanding anything contained in Sub-section (1) and (2) no permission shall be granted for making foreign investment in the industries set forth in the Annex.
Provided that permission may be granted for the transfer of technology in such industries.