Union Cabinet approves grant of Permanent Residency Status for Foreign Investors
The Union Cabinet has approved the scheme for granting of Permanent Residency Status (PRS) to foreign investors.
However, this status will be subject to the relevant conditions in the FDI Policy notified by the Central Government from time to time.
The scheme is expected to encourage foreign investment in India and facilitate Make in India Programme.
Key Facts
- Under the scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors.
- The PRS will be granted for a period of 10 years with multiple entry. If the PRS holder has not come to adverse notice, it can be reviewed for another 10 years.
- The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions and also his spouse and dependents.
- In order to avail this scheme, the foreign investor will have to invest a minimum of 10 crores rupees within 18 months or 25 crores rupees within 36 months.
- Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year.
Benefits of Permanent Residency Status
- Initially, PRS will be granted for a period of 10 years with multiple entry facility, which can be renewed for another 10 years.
- It will serve as a multiple entry visa without any stay stipulation and the PRS holders will be exempted from the registration requirements.
- For dwelling purpose, PRS holders will be allowed to purchase one residential property. Their spouse and dependents will be also allowed to undertake studies in India and take up employment in private sector (in relaxation to salary stipulations for Employment Visa).
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Month: Current Affairs - September, 2016