Indian PR at Rs 10 crore

Tribune News Service

New Delhi, August 31

The government today approved a proposal of the Ministry of Home Affairs to grant Permanent Residency Status (PRS) to foreign investors who bring in at least Rs 10 crore to facilitate business operations in the country.

Aimed at encouraging foreign investment and achieving Make-in-India goals, the decision was taken at a meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi. However, this scheme would not be available for Pakistani  citizens.

“Foreigners will be granted 10-year residency permit with multiple entries if they invest Rs 10 crore over 18 months or Rs 25 crore over three years. The status can be extended by another 10 years if the PRS holder has not come to adverse notice,” a government notification said, adding that the facility would be available as per the conditions specified in the FDI policy.

Finance Minister Arun Jaitley said: “A certain threshold if you invest in India, then there will be availability of visa, the availability of the right to purchase assets, the availability of employment for family members. There is a detailed policy that has been approved.”

The notification said provisions will be incorporated in the visa manual to provide for the grant of PRS. The scheme would be applicable only to foreign investors fulfilling the eligibility conditions. The investment should also result in generating employment to at least 20 resident Indians every financial year.