Business Mantra New
Union Cabinet has cleared the scheme to allow the status of permanent resident in India to foreign nationals. This move shall encourage foreign investment in India for Make in India programme. Under the schemes guidelines shall be issued for change in VISA rules and Foreign Fund Investment Programme of the Government.
For 10 years a foreign investor shall be able to get Permanent Resident Status (PRS) with multiple visa entry, who brings Rs.100 Million (US $1.5 Million or equivalent) within 18 months of start of investment or Rs.250 Million ( US $3.7 Million) within 36 months. Foreign Investor with PRS status shall be exempted from registration process and shall be allowed to purchase one house for his own use. PRS shall also be granted to spouse and dependents of the foreign investors.
PRS shall be subject to extension for another 10 years after review by the authorities, if no adverse reports are received against the PRS holder/holders.
Government is hopeful that every foreign investor may generate employment to a minimum of 20 Indian residents.