Cabinet approves abolition of Foreign Investment Promotion Board
In a bid to further ease doing business in India, the Union cabinet on Wednesday abolished the over 25-year-old Foreign Investment Promotion Board (FIPB) that vetted foreign direct investment (FDI) proposals.
 
"The cabinet today (Wednesday) approved the ending of the FIPB," Finance Minister Arun Jaitley told reporters here following a cabinet meeting.
 
The Union Budget 2017-18 had made an announcement in this regard, Jaitley said, and added that with the liberalisation of FDI rules, 90% of FDI was coming in anyway through the "automatic" route, without needing FIPB clearance.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

Comments
Free Helpline
Legal Credit
Feedback