Permanent residency for foreigners bringing Rs 10 crore

However, the foreign investment should result in generating employment to at least 20 resident Indians every financial year

Foreign investors making an investment of at least Rs 10 crore will be granted permanent residency status (PRS), the Rajya Sabha was informed on Wednesday.

"Government has decided to grant PRS for 10 years with multiple entry to foreign investors making investment of minimum of Rs 10 crore to be brought within 18 months or Rs 25 crore to be brought within 36 months," Minister of State for Home Kiren Rijiju said.

The Minister said PRS will also be granted to the spouse or dependants of the eligible foreign investor.

The foreign investment should result in generating employment to at least 20 resident Indians every financial year.

 

"This scheme will not be applicable to Pakistani citizens or third country nationals of Pakistani origin," he said in reply to a written question.

Replying to a separate question, Rijiju said there is a proposal under consideration of the Ministry of Tourism for presenting pre-loaded SIM card to foreign tourists arriving here on e-tourist visa as a tourist-friendly gesture.