Permanent Residency Status (PRS) for foreign investors bringing at least Rs. 10 Crore
The government has decided to grant Permanent Residency status (PRS) for a period 10 years with multiple entry to foreign investors who make an investment of a minimum of Rs. 10 crore to be brought within 18 months or Rs. 25 crore to be brought within 36 months. The investment made must be capable of generating employment to at least 20 resident Indians every financial year. PRS will also be extended to the spouse and dependents of the foreign investor. However, the scheme will not be available to Pakistani citizens or third country nationals of Pakistani origin. The move is expected to attract more foreign investments into the country.
Category: Government Schemes Current Affairs