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India Bans Investment in Gambling5 July 2002NEW DELHI, India – As reported by the Xinhuanet: "The Indian government Friday said that foreign investment and foreign technical collaboration in lottery business, gambling and betting is prohibited. "`It is clarified that both foreign investment and foreign technology collaboration in any form are completely prohibited in the lottery business, gambling and betting sector,'a government notification said. "The clarification follows queries being received by the government from certain state governments, prospective investors, technology providers, franchise/trademark/brand name licensors andmanagement consultants and others on whether foreign investment was permitted in the sector…" |