To attract more overseas funds, the Centre has approved a new policy under which foreign investors bringing in at least Rs 10 crore capital will be eligible for residency status, easier visa regime and employment for family members.
The Rs 10 crore investment needs to be brought within 18 months or Rs 25 crore to be brought within 36 months.
“A certain threshold if you invest in India, then there will be availability of visa, the availability of the right to purchase assets, the availability of employment for family members, there is a detailed policy that has been approved by the Cabinet,” Finance Minister Arun Jaitley said after the Cabinet meeting, chaired by Prime Minister Narendra Modi, in New Delhi.
The scheme is aimed towards boosting foreign investment in the country and facilitate the ‘Make in India’ programme.
However, the scheme is not applicable to Pakistanis.
The permanent residency status will be given for a period of 10 years with multiple entries. This can be reviewed for another 10 years if the holder has not come to adverse notice.
The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his or her spouse and dependents.
As per the official statement, the foreign investment should give jobs to at least 20 resident Indians every financial year.
The status will serve as a multiple entry visa without any stay stipulation and holders will be exempted from the registration requirements.
This status holders will be allowed to purchase one residential property for dwelling purpose. The spouse/ dependents will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.