The government has cleared 408 foreign direct investment proposals involving Rs 3,025 crore (Rs 30.25 billion) in the first half of this fiscal, the Lok Sabha was informed on Friday.

"A total 408 FDI proposals involving Rs 3,024.67 crore have been approved by the Foreign Investment Promotion Board during April-September 2003," Minister of State for Finance Anandrao V Adsul said.

Adsul said the government decided to derecognise overseas corporate bodies after the Reserve Bank of India carried out a review of their investment activities following a recommendation of the joint parliamentary committee on stock market scam.

While OCBs are barred, Adsul clarified that the non-resident Indians would continue to enjoy all facilities available to any other foreign investors including automatic route for FDI.

Adsul said there were 515 foreign institutional investors registered with the Securities and Exchange Board of India.

The FII regulation were amended in August 2003, which would ensure that they furnish information on sub-accounts of all their off-shore derivative instruments on the underlying Indian securities, he said.