Centre readying simplified norms to facilitate NRI investments in India
Finance Minister Arun Jaitley has recently tasked a high-level panel led by Finance Secretary Arvind Mayaram to sketch out a new framework to facilitate Non-Resident Indians (NRIs) to make investments in the country.
The Centre’s efforts in having a new framework outlined for NRI investments in India is an apparent indication of the fact that the government is looking to simplify the norms related to such investments.
According to a senior official in the Finance Ministry, the panel which will outline a new framework for NRI investments will include senior officials from the Department of Industrial Policy and Promotion, as well as top-notch officials from the Ministry of Overseas Indian Affairs.
The Finance Ministry official revealed on the condition of anonymity that the high-level panel will “look at the issue of aligning NRI investments with the overall foreign direct investment policy.”
The official also said that the panel has also been asked to look at whether there can be parity between investments made by NRIs and investments made by ‘persons of Indian origin’ as well as those who enjoy ‘overseas citizens of India’ status. Presently, NRI investors can avail special treatment in some specific sectors like civil aviation and construction and development.
Source – The Economic Times
Department of Industrial Policy and Promotion, finance minister Arun Jaitley, Finance ministry, finance ministry official, Non-Resident Indians, Non-resident Indians (NRI), NRI investors
