The Government has decided to grant Permanent Residency Status (PRS) for 10 years with multiple entry to foreign investors making investment of minimum of Rs. 10 crores to be brought within 18 months or Rs. 25 crores to be brought within 36 months. PRS will also be granted to the spouse/dependents of the eligible foreign investor. The foreign investment should result in generating employment to atleast 20 resident Indians every financial year. The scheme is expected to encourage foreign investment in India and facilitate Make in India. In addition to the restrictions imposed in the FDI policy, security guidelines issued/ as may be issued by the Government from time to time shall also be applicable.
This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)