The Union Government has recently approved PRS scheme for foreign investors. What does “PRS” stand for?
[A]Permanent Residuary Status
[B]Permanent Residential Status
[C]Permanent Residence Status
[D]Permanent Residency Status
Permanent Residency Status
The Union Government has recently approved the scheme for grant of Permanent Residency Status (PRS) to foreign investors to encourage foreign investment in India and facilitate Make in India Programme. As per the scheme, the PRS will be granted for a period of 10 years with multiple entry. This can be reviewed for another 10 years if the PRS holder has not come to adverse notice. The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents. In order to avail this scheme, the foreign investor will have to invest at least Rs. 10 crore in over 18 months or Rs.25 crore in 36 months, apart from generating employment for a minimum of 20 resident Indians every financial year.