Govt to further relax visa norms to boost tourism: Swaraj
The Dollar Business Bureau In order to attract more businesses and tourists to India, the Government on Sunday said that it is planning to further ease the visa norms shortly. “We plan to further liberalise our visa regime for tourism, business as well as other areas shortly,” External Affairs Minister Sushma Swaraj said at the Global Investors Meet in Indore. She further said that the issues related to visa were one of the concerns for foreigners and the Indians who are living abroad, and the government has already taken measures to address the concerns. In November 2014, the government started the e-visa scheme for more than 100 countries. This was further extended to 37 countries in 2016, taking the overall number to 150. Swaraj said ...
FI limit in Motherson Sumi increased to 30%
The Dollar Business Bureau Reserve Bank of India (RBI) has given its approval to foreign investors to increase their share up to 30 percent in Motherson Sumi Systems Ltd, the flagship company of the Samvardhana Motherson Group. Earlier, the limit was 24 percent. “Foreign institutional investors (FIIs)/registered foreign portfolio investors (RFPIs) can, under the Portfolio Investment Scheme (PIS), now invest up to 30 percent of the paid up capital of Motherson Sumi Systems Limited,” the central bank said in a notification. The Board of Directors of the Motherson Sumi Systems had cleared a resolution and a special resolution has been passed by the shareholders agreeing to enhance the purchase limit of company’s equity shares by RFPIs/FIIs. Through PIS, the FIIs, NRIs and Persons of Indian Origin ...
Investments by non-resident Indians to be considered domestic: GoI
The Dollar Business Bureau The Union Cabinet, chaired by the Prime Minister of India Narendra Modi, on Thursday, gave its approval to review the Foreign Direct Investment (FDI) Policy on investments by Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs). In this regard, the Cabinet gave its nod for the amendments to be incorporated in the new FDI policy. As per the proposed amendment, the definition of NRI also includes OCIs as well as PIOs and a decision in this regard is meant to align the FDI policy with the Government’s stated policy in order to provide the PIOs and OCIs an equal recognition with that of NRIs in terms of economic, financial ...
