HOME > BUSINESS > India extends ‘permanent residency’ to foreigners

India extends ‘permanent residency’ to foreigners

fdiThe Indian Cabinet today approved extending ‘permanent residency’ to foreign investors.

So far, one had to be a citizen to be a permanent resident in the country. Others faced hassles such as regular attendance at foreigners registration offices and visa extensions if they were to continue to remain in the country. The present tenure of an investor’s visa does not extend beyond five years.

With this move, India joins the leagues of countries like USA, UAE, Singapore and Hong Kong, which offer an option for the well-heeled to remain in the country permanently if they invest a certain amount of money in the country.

The scheme is expected to encourage foreign investment in India and facilitate Make in India Programme. Under the Scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors.

The PRS will be granted for a period of 10 years with multiple entry. This can be reviewed for another 10 years if the PRS holder has not come to adverse notice.

The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents.

In order to avail this scheme, the foreign investor will have to invest a minimum of Rs. 10 crores to be brought within 18 months or Rs.25 crores to be brought within 36 months. Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year.

Permanent Residency Status will be granted for a period of 10 years initially with multiple entry facility, which can be renewed for another 10 years. PRS will serve as a multiple entry visa without any stay stipulation and PRS holders will be exempted from the registration requirements.

PRS holders will be allowed to purchase one residential property for dwelling purpose. The spouse/ dependents of the PRS holder will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.

Follow ULTRA.news
Hardik Patel meets Praveen Togadia, deplores attempts to silence VHP leader Patel meets Togadia Hardik Patel, who recently joined with the Congress Party to give a scare to the BJP in Gujarat state elections, said attempts are being made to silence Vishva Hindu Parishad leader Praveen Togadia. Gujarat state Congress President Arjun Modhwadia was a...
Judges blow the whistle on alleged improprieties in Supreme Court Four of the most Supreme Court judges today held a press conference for what they said was to "discharge their debt towards the nation" and to put it on the record that they had not "sold their souls". They alleged that there are certain things that are not proper that are goi...
Masood Azhar warns Pakistan against ‘kneeling before Trump’ Maulana Masood Azhar Maulana Masood Azhar, the founder of terror-cum-charity group Jaish-e-Mohammed, has warned the Pakistan government against giving in to the demands of the Americans, who want it to destroy all terror groups. Azhar said Pakistani media and intellectuals...
Govt schools in India get Supreme Court notice for forcing students to pray The Supreme Court of India has issued notice to the center in a petition questioning the imposition of a prayer to be sung by all students of Central School network or Kendriva Vidyalayas. The petition was filed by Veenayak Shah of Madhya Pradesh. Shah pointed out that the...
No new plans to modify National Green Tribunal – Govt The BJP-led government at the center has said that it has no further plans to amend the powers or constitution of the National Green Tribunal, the quasi-judicial body set up by the previous UPA government for protecting the environment. "There is no amendment proposed in the C...
State Bank of Mauritius gets banking license in India; Woori, PPF in queue SBM is the second largest in Mauritius State Bank of Mauritius has become the first foreign entity to receive a license to start a bank in India. The bank, along with DBS of Singapore, had received preliminary approval several months ago. It has now received the final b...
DEMONETIZATION: Income Tax e-filings up 20%, collection up 14% The number of income tax e-filings increased by 19.5% this year compared to last year as demonetization forced many people declare their hitherto undeclared incomes. A total of 3.89 cr e-filings were recorded in the current financial year as of Nov 7, compared to 3.25 cr in t...
India’s nuclear weapons program to get a boost as uranium output to increase 10x by 2031-32 India has plans to increase the output of uranium -- the key fuel used in its nuclear weapons program -- by ten times by 2031-32 and achieve self-sufficiency, the Department of Atomic Energy said. India is estimated to have 232,315 tons of uranium contained in deposits of 273...
Trial Court vs Supreme Court – Who is right in 2G scam judgment? The decision by a trial court in Delhi's Patiala House complex to dismiss charges of corruption and conspiracy against former telecom minister and others in the 2G scam case has created a curious legal imbroglio as the order seems to fly counter to the Supreme Court's verdict in...
Akhilesh Yadav supports reservation for Patels, upper castes Samajwadi Party chief Akhilesh Yadav has suggested extending reservation benefits not only to Patels, but to all forward communities as well. "Do a census and give everyone reservation according to their population. Nobody will be angry," Yadav said, when asked about how to d...
Sensex likely to ‘show’ Gujarat Exit Poll results before TV channels The Indian stock markets are today expected to reflect the results of exit polls from the second phase of Gujarat state elections by the afternoon, even as television channels have to wait till the end of voting to show the results. Several channels, including Times Now, ABP ...
Ahmedabad cops deny permission to roadshow by Modi, Rahul The Ahmedabad administration has denied permission to the 'roadshows' planned by Rahul Gandhi and Prime Minister Narendra Modi in Ahmedabad tomorrow. The separate roadshows would have featured Modi and Rahul Gandhi traversing the city in a last minute effort to boost their res...
I am low-caste, but I do high work – Modi replies to Aiyer Mani Shankar Aiyar tried to undo the damage he caused to the party's prospects in Gujarat by calling Narendra Modi -- who hails from a group classified under the Other Backward Communities -- 'neech' (low or low-caste), but Modi sought to take advantage of the controversy by sei...
COLUMN: A win for Congress in Gujarat may be just what Modi needs By all accounts, the chances of a Congress victory is becoming stronger and stronger in Gujarat, a state that goes to the polls on Sunday. The possibility was almost unthinkable two months ago, even to Congress strategists, but the 'Patel factor' is likely to be the deciding ...
RERA sales freeze drags down DLF Q2 profit by 94%, sales restarted Real estate major DLF reported a sharp decline in its revenue and profit for the July-September quarter after it stopped taking new bookings due to the implementation of RERA in May. The company's net profit fell by 94% to Rs 12.57 cr in July-September quarter from Rs 204.60 ...
DOKLAM 2: Why India is not sending troops to stop Chinese construction Doklam is in the news again, 40 days after the Chinese pulled back their construction equipment on the border plateau in deference to Indian sensitivities. With two weeks to go for the crucial National Congress of the Communist Party of China, India's northern neighbor has aga...
India to create law to protect Indian women abroad Laws to protect Indian women who are abandoned by their NRI (non-resident Indian) husbands or foreign partners to be finalised soon, said Rakesh Srivastava, Secretary, Ministry of Women & Child Development at an ASSOCHAM event held in New Delhi today. India has taken a lead r...
NDTV stock up 76% in four days, company says no clue why Shares of New Delhi Television Ltd spiked another 10% today to Rs 62.40, prompting the BSE to write to the company to seek clarification on any undisclosed development. With this, the total gain in NDTV shares in the last four days is 76%. The company, however, said it was...
Privacy rights not above National Security – Kiren Rijiju Both individual freedom and privacy are very important but it cannot be unqualified as everything overrides when it comes to the national interest and security, Union Minister of State for Home Affairs, Kiren Rijiju said today. “When it comes to national security, I personall...
After Doklam, Modi confirms attendance at BRICS summit, to visit Myanmar Indian Prime Minister Narendra Modi will visit China to attend the upcoming conference of the BRICS forum on September 3-5, the Prime Minister's Office said today. On the way back, he will also conduct a three-day visit to Myanmar, it added. "At the invitation of the Presi...