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Govt eases FDI norms for investments by overseas Indians
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SME Times News Bureau | 22 May, 2015
The union cabinet on Thursday approved certain amendments to the Foreign
Direct Investment (FDI) policy to make investments by overseas Indians
in the country easier and simpler.
Overseas Indians comprise Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs).
According
to a cabinet communique, the cabinet approved redefining an NRI as an
individual resident outside India who is a citizen of India or is an OCI
cardholder under Section 7 (A) of the Citizenship Act, 1955, while PIOs
who have registered under the August 19, 2002, central government
notification "will be deemed to be overseas citizens of India".
Investment
by NRIs under the Foreign Exchange Management Act (FEMA) will be
treated as a domestic investment at par with investments made by
residents.
"The decision to include OCIs and PIOs under NRIs is
meant to align the FDI policy with the government policy and provide
parity in economic, financial and educational arena," the statement
said.
"The amendment is expected to result in increased
investments across sectors and greater inflow of remittances leading to
the country's economic growth," the statement added.
The FDI
policy for investments by overseas Indians was reviewed with amendments
as a follow-up of reform measures the NDA government initiated in the
past one year and assurances Prime Minister Narendra Modi gave to the
Indian diaspora during his official visits to the US, France, Germany,
Canada, Australia, Japan and South Korea recently.
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