Cabinet approves granting permanent residency status to foreign investors

The Union Cabinet on 31st August 2016 approved the scheme for grant of Permanent Residency Status (“PRS”) to foreign investors subject to the relevant conditions as stated under:

  1. Applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents.
  2. In order to avail this scheme, the foreign investor will have to invest a minimum of Rs 10 crores, to be brought within 18 months, or Rs 25 crores, to be brought within 36 months. Further, the foreign investment should result in generating employment for at least 20 resident Indians every financial year.
  3. PRS will be granted for a period of 10 years initially with multiple entry facilities which can be renewed for another 10 years.
  4. PRS will serve as a multiple entry visa without any stay stipulation and PRS holders will be exempted from the registration requirements.
  5. PRS holders will be allowed to purchase one residential property for dwelling purpose.
  6. The spouse/ dependents of the PRS holder will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.

The scheme is expected to encourage foreign investment in India and facilitate Make in India Programme. Under the Scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors.

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Maharashtra Government sanctions ITES policy 2015

The State Government of Maharashtra has given its nod to the new Information Technology Enabled Services (“ITES”) policy which shall be effective from 30th June 2015. The key highlights of ITES policy 2015 are as under:

  1.  The policy aims to make State of Maharashtra an IT, animation and gaming hub by attracting investment worth INR 50,000 crores and creating 1 million jobs in next 5 years i.e. by 2020; (more…)
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Mandatory Documents Required For Export And Import Reduced To Three Each

Pursuant to India being ranked 142 in ‘Trading Across Borders” component of “Ease of Doing Business”, out of 189 countries ranked by the World Bank, in its 2015 Report based on the number of mandatory documents required for export and import Ministry of Commerce decided to reduce the number of mandatory documents required for export / import. The Directorate General of Foreign Trade issued a Notification to this effect on 12th March 2015. (more…)

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Reporting under FDI Scheme on the E-BIZ Platform

The Government of India has on 12th February, 2015 notified the e-Biz project to enable reporting of Advance Remittance Form (“ARF”) and Foreign Currency Gross Provisional Return (“FC-GPR”) Form under the Foreign Direct Investment (“FDI”) scheme on the e-Biz platform with the Reserve Bank of India (“RBI”) to promote the ease of reporting of transactions. (more…)

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