Breaking News

You are here » Indian-Commodity  :  Economy  :  Govt to clear FDI proposals within 8-10 weeks


Govt to clear FDI proposals within 8-10 weeks

In order to improve the investment climate of the country, the government will clear all foreign direct investment (FDI) proposals within a maximum of 10 weeks after the receipt of an application as per the Standard Operation Procedure (SOP) released by the Department of Industrial Policy and Promotion (DIPP). The newly formulated SOP will replace the 25-year old foreign investment advisory body- the Foreign Investment Promotion Board (FIPB) which has been abolished by the government.

As per the SOP guidelines, proposals not requiring security clearance will be cleared in eight weeks, while applications that require security nod would take a cumulative time period of ten weeks. Besides, DIPP will get an additional time of two weeks for consideration of the proposals proposed for rejection or where additional conditions which are not provided in the FDI policy are proposed to be imposed by the competent authority.

Furthermore, the FDI proposals requiring government's nod need to be scrutinized by the concerned ministries or departments and such proposals will be filed online on the revamped FIPB portal which has been renamed as Foreign Investment Facilitation Portal (FIFP). FDI applications which require security clearances include investments in broadcasting, telecommunication, satellites, private security agencies, defence, civil aviation and mining & mineral separation of titanium bearing minerals and ores.

Related News

View all news

Micro-finance institutions' asset quality stabilizes: Crisil Ratings

Credit ratings agency, Crisil Ratings in its latest report has said that asset quality of micro-finance institutions (MFIs) comprising small finance banks as well as non-bank MFIs has shrugged off the......

RBI's new NPA norms likely to push up banks' credit costs, weaken earnings: Fitch Ratings

Fitch Ratings in its latest report has stated that the Reserve Bank of India's (RBI) new norms for overhauling the mechanism to deal with the bad debt, is likely to push up banks' credit costs and weaken......

India will emerge as model for rest of world on completing transitions: Rajiv Kumar

With successful completion of three transitions such as economic, political and social, the Niti Aayog vice-chairman Rajiv Kumar has said India will emerge as a model for the rest of the world. ......

Top News

View all news

Sadbhav Infrastructure emerges lowest bidder for Vadodara Kim Expressway Project

Sadbhav Infrastructure has been declared L-1 (Lowest) bidder by the National Highways Authority of India (NHAI) for new Hybrid Annuity Project in the State of Gujarat.The Project is for the construction......

Tribhovandas Bhimji Zaveri opens 37th store in Pune

Tribhovandas Bhimji Zaveri has opened its 37th store at Unit No. UG-71, Phoenix Market City Mall, Viman Nagar, Pune, in state of Maharashtra on March 17, 2018.Tribhovandas Bhimji Zaveri, a well-known jewellery......

DHFL planning to raise funds through NCDs

Dewan Housing Finance Corporation (DHFL) is planning to raise funds through Non-Convertible Debentures (NCDs). The company has proposed to issue Secured Redeemable NCDs amounting to Rs 300 crore and a......