Rajya Sabha
The Minister of State in Prime Minister’s office, Shri Prithviraj Chavan told the Rajya Sabha that Government has put in place a liberal and transparent FDI policy (which includes investment by NRIs) under which FDI upto 100% is allowed under the automatic route in most sectors. The proposals requiring prior approval are considered by the Foreign Investment Promotion Board (FIPB) in a time bound manner. Activities under the automatic route do not require any prior Government approval and the investor is only required to report to the Office of RBI within 30 days of inward remittance and/or issue of shares to non-residents.
Shri Chavan further told that under the FDI scheme, the additional facility available to NRIs include investment in the housing and real estate sector and investment upto 100% in the air transport sector as against the permissible limit of FDI at 49% in the Civil Aviation Sector.
This information was given in reply to a question by Shri Dilip Singh Judev.
AK/SK/JA
(Release ID :11362)