Tribune News Service
New Delhi, May 21
The Centre today decided to liberalise foreign direct investment norms for NRIs, overseas citizens of India (OCIs) and persons of Indian origin (PIOs) to increase capital flows into the country. The decision was taken by the Cabinet Committee on Economic Affairs, headed by Prime Minister Narendra Modi.
“The Cabinet approved amendments to the FDI policy on investments by NRIs, PIOs and OCIs. This will give PIOs and OCIs parity with NRIs on economic, financial and educational fronts,” an official spokesperson said.
“The amendment in FDI for OCIs, NRIs and PIOs will lead to greater forex remittances and investment,” he said. According to the Department of Industrial Policy and Promotion (DIPP) proposal, any investment made by NRIs, OCIs and PIOs from their rupee account in India will not be treated as foreign investment.
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