THE
Union Cabinet
has approved the scheme for grant of Permanent Residency Status (PRS) to foreign
investors subject to the relevant conditions as specified in the FDI Policy
notified by the Government from time to time.
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.
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