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
Kerala High court annuls marriage of converted Hindu girl to Muslim man The Kerala High Court has annulled the marriage of a Hindu girl who converted to Islam pointing out that she did not take permission from her parents.According to Sunni Islamic law, it is compulsory for the woman to get the permission of her wali or guardian -- usually her pa...
NET NEUTRALITY: Netflix says let India decide what it wants to watch Netflix, the world's biggest provider of video-on-demand services, rebuffed attempts by telecom companies to control viewership of online video and said consumers must be allowed to consume any legal content on the Internet without 'gate keeping' or interference by telecom provid...
Supreme Court dismisses Center’s reasons for not appointing Lokpal The Supreme Court has dismissed the government of India's stand that it cannot appoint the Lokpal as there was no leader of the opposition.The court's decision came on a bunch of petitions seeking the appointment of a Lokpal is likely to lead to the first ever appointment...
Net Neutrality: Vodafone wants right to manipulate Internet videos Telcos want to be able to reduce video qualityVodafone India said it would like to be given the power to manage the size of videos watched by users on its mobile network and lower it automatically "for overall quality welfare".Participating in the discussions related to ...
Telcos Change Tack as Net Neutrality Fight Enters Final Round in India A campaign by Internet Freedom FoundationIf you thought the fight over net neutrality was over with the sending of 1 mln emails to the TRAI two years ago, think again.The telecom service providers, who lost out that in the first round, are back. This time, however, their...
Govt likely to intensify efforts to create All India Judicial Service High Court of Karnataka, DharwadDespite setbacks and opposition from both state governments and the judiciary, the central government is not ready to give up the proposal to set up an all India service for recruitment of judges modeled on the Indian Administrative Service an...
‘Will go to any extent to save Kulbhushan Jadhav’ – Rajnath Singh Rajnath SinghHome Minister Rajnath Singh said India will go to any extent to save Kulbhushan Jadhav."We will go to whatever extent we need to, but we will save Kulbhushan Jadav," the minister said, while attending an event in Mumbai.The minister maintained that Kulbh...
Reliance Jio could replace Summer Surprise with new offer after TRAI order Reliance Jio's withdrawal of its Summer Surprise Offer is unlikely to make any difference to most of its customers, and the company may even come up with a new version of the plan to comply with the ban."The Telecom Regulatory Authority of India (TRAI) has advised Jio to with...
There’s no Lokpal because there’s no opposition leader, says govt Lokpal act was passed after massive demonstrations in 2013The Prime Minister's office today said the government has not appointed a Lokpal at the center yet as there is no leader of the opposition in the Lok Sabha.According to the Lokpal and Lokayuktas Act passed in 2013...
RBI refuses to make exceptions for Tirupati temple, Rs 4 cr old notes junked The Tirumalai TempleThe Reserve Bank of India has told the management of Tirumala Tirupati temple in Andhra Pradesh that the money deposited in the temple's hundis cannot be exchanged for new notes.The move was in response to a letter by the temple management asking if i...
Can’t allow NGOs to impede India’s growth: Center to NHRC Women from the Mahan region celebrate after cancellation of coal blocks.Greenpeace helped organize protests against open coal mining in the area.The home ministry has written back to the National Human Rights Commission that non-governmental organizations cannot be allowed t...
Police Custody Deaths: Bihar safest, Maharashtra most dangerous A total of 308 people died in police custody in the three years from 2013 to 2015 -- including 75 in Maharashtra -- but not a single policeman was convicted in any case related to custody deaths in the country during those years, data from the home ministry showed.On an ove...
No plans to impose Indian constitution on Jammu & Kashmir judiciary – Govt Flag of Jammu & KashmirLaw minister Ravi Shankar Prasad today said the government of India had no plans to force judiciary in the state of Jammu & Kashmir to take their oath of office on the Indian constitution instead of the state constitution.Prasad was respond...
Arvind Kejriwal protests after Twitter cracks down on AAP accounts Aam Aadmi Party leader Arvind Kejriwal took to his account to protest the deletion of several AAP accounts after the social media company changed its anti-abuse algorithm.Three days ago, Twitter had said that it was putting in more safeguards against abuse and manipulation on...
Venture Capital firms seek validation for Modi’s policies in UP election BJP leader Uma Bharti at an election rallyPrivate equity and venture capital firms are largely bullish on India in the context of big economic reforms, but are awaiting the results of the ongoing Uttar Pradesh elections to assess the level of popular support that such polici...
Modi denies demonetization was a failure Prime Minister Narendra Modi today denied that the withdrawal of high-value currency notes was a failure.Speaking in the lower house of Parliament today, Modi said demonetization has created a money trail that can be used to 'bring everyone into the mainstream' of taxation....
Katju says SP will defeat BJP in UP Elections; Demonetization, Akhilesh to aid Former Supreme Court judge and a keen observer of Indian politics, Markandey Katju has predicted a win for the Samajwadi Party led by Akhilesh Yadav in the upcoming Uttar Pradesh Assembly elections.BJP, which is seen as a strong contender by many, would be negatively impacted...
Supreme Court to consider banning charge-sheeted candidates from polls The Supreme Court has today agreed to hear a petition that seeks to ban anyone who has been charge-sheeted in a criminal case from contesting elections in India.BJP leader Ashwini Upadhyay, who is among one of the most prolific filers of public interest litigation in Indi...
Demonetization: Modi announces bumper prizes; 15 lakh users to get 1,000 rupees Narendra Modi announced several 'prize schemes' to promote cashless transactions.Under the schemes announced today, there will be two sets of prizes for consumers and another for small merchants.Under the first scheme, any customer who uses any electronic form of payment,...
India traffic to porn sites jumps 3-8% in November Traffic from India to major pornographic websites in the world rose sharply in November.The numbers also reveal that Indians use the Internet for accessing pornographic content more often than globally.For example, according to similarweb.com, a website that collates mo...
Modi says people who deposited others’ money may get to keep it all Opening a new front in the fight against black money, Prime Minister Narendra Modi today said people who were forced or tricked into depositing other people's money into their bank accounts may be allowed to keep the entire sum for themselves."Do not touch that money," Modi s...
BJP asks all MPs, MLAs to submit bank statement to party As part of the ongoing crackdown on tax evasion and illicit funds, the Bharatiya Janata Party has asked all its MPs and MLAs to submit the full details of their banking transactions from Nov 8 onwards.The central leadership of the party will examine the bank statements of the...
PM Modi’s official Twitter account gets ambushed by AAP For long, the Bharatiya Janata Party held the upper hand on Twitter -- which -- along with comment boards on news websites -- forms the 'wild west' of political online campaigning in India with large-scale manipulation, 'fake' accounts, bullying and targeted attacks.Not to be...
DEMONETIZATION: How some earned lakhs standing in queues The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and ot...
Despite Demonetization, India will beat China in GDP growth: Fitch Ratings Despite a moderation in India's GDP growth rate in the short term due to cash crunch, the Indian economy will still grow faster than that of China, global ratings agency Fitch said."We still expect India’s GDP growth to trend higher than China’s in the medium term," said the ...