Barring Pak citizens, govt to grant 10-yr PRS to foreign investors
A three-judge bench headed by Chief Justice T S Thakur refused the Centre’s request to stay the proceedings pending before various high courts, saying people may get “immediate relief” from them.india Updated: Nov 23, 2016 18:45 IST
Barring Pakistani citizens, India has decided to grant Permanent Residency Status for 10 years with multiple entry to certain category of foreign investors, the Rajya Sabha was informed on Wednesday.
In a written reply, minister of state for home affairs Kiren Rijiju said the government has decided to grant Permanent Residency Status (PRS) for 10 years with multiple entry to foreign investors making investment of minimum of Rs 10 crore to be brought within 18 months or Rs 25 crore to brought within 36 months.
He also said PRS will also be granted to the spouse and dependents of the eligible foreign investor.
Experts feel that the move is expected to attract foreign investments into the country.
The foreign investment should result in generating employment to at least 20 resident Indians every financial year, he added.
However, the minister made it clear that “this scheme will not be applicable to Pakistani citizens or third country nationals of Pakistani origin”.