Mon, May 29, 2017 | updated 10:30 PM IST

Cabinet approves grant of Permanent Residency Status to foreign investors

Updated: Aug 31, 2016 21:45 IST      
Cabinet approves grant of Permanent Residency Status to foreign investors

New Delhi [India], Aug.31 (ANI): The Union Cabinet under the chairmanship of Prime Minister Narendra Modi on Wednesday approved the scheme for grant of Permanent Residency Status (PRS) to foreign investors subject to the relevant conditions as specified in the FDI Policy notified by the Government from time to time.

The scheme is expected to encourage foreign investment in India and facilitate 'Make in India' Programme. Under the scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors.

The PRS will be granted for a period of 10 years with multiple entries. This can be reviewed for another 10 years if the PRS holder has not come to adverse notice. The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents.

In order to avail this scheme, the foreign investor will have to invest a minimum of Rs. 10 crores to be brought within 18 months or Rs.25 crores to be brought within 36 months. Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year.

PRS will be granted for a period of 10 years initially with multiple entry facility, which can be renewed for another 10 years. PRS will serve as a multiple entry visa without any stay stipulation and PRS holders will be exempted from the registration requirements.

PRS holders will be allowed to purchase one residential property for dwelling purpose. The spouse/ dependents of the PRS holder will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India. (ANI)

New Delhi [India], May 29 (ANI): President Pranab Mukherjee presented the Malti Gyan Peeth Puraskars for the year 2017 today at a function held at the Rashtrapati Bhavan.

Full Story >>

Hyderabad rehab shocker: Victim shifted to Kasturba Home

Updated: May 29, 2017 22:04 IST     

Hyderabad (Telangana) [India], May 29 (ANI): Soon after reports of mistreatment of a young woman in a rehab centre came to light, the victim was shifted to Kasturba Home in Kumar Pallu on Monday.

Full Story >>

Kerala CM urges counterparts to oppose Centre's cattle rule

Updated: May 29, 2017 22:01 IST     

New Delhi [India], May 29, (ANI): Kerala Chief Minister Pinarayi Vijayan on Monday urged the Chief Ministers of other states to raise their voices against restrictions imposed on cattle trade, while saying that the Centre's 'anti-democratic' notification is an attempt to usurp the state governments' powers in the guise of rules under a Central Act.

Full Story >>

Kolkata (West Bengal) [India], May 29 (ANI): The Meteorological Department on Monday said that Cyclone Mora which will be hitting Bangladesh by tomorrow morning is not expected to bring any immediate danger to India.

Full Story >>

Berlin (Germany), May 29 (ANI): Prime Minister Narendra Modi on Monday announced an ex-gratia relief of Rs. one lakh to the next of the kin of e-rickshaw driver beaten to death for espousing the social cause of Swachha Bharat.

Full Story >>

India, Fiji sign MoU on defence cooperation

Updated: May 29, 2017 21:05 IST     

New Delhi [India], May 29 (ANI): In an endeavour to strengthen defence ties between India and Fiji, the two nations on Monday signed a Memorandum of Understanding (MoU) on defence cooperation.

Full Story >>

New Delhi [India], May 29 (ANI): North Eastern Council (NEC) chairman and Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER) Jitendra Singh on Monday assured all members at the 66th Plenary of North Eastern Council that development of the region is amongst foremost priorities of Prime Minister Narendra Modi-led government.

Full Story >>

Youth have great role to make India Vishwa Guru: Rajnath

Updated: May 29, 2017 21:03 IST     

Kurukshetra (Haryana), [India], May 29 (ANI): Union Home Minister Rajnath Singh has called upon the youth to abide by the values in all situations of life, which will make them winner and help them achieve anything in life.

Full Story >>

Hyderabad (Telangana) [India], May 29 (ANI): Telangana Chief Minister K. Chandrashekhar Rao on Monday appointed chairpersons for eight state-owned Corporations.

Full Story >>

Earthquake tremors felt in parts of Jammu

Updated: May 29, 2017 20:42 IST     

Jammu (Jammu and Kashmir), [India], May 29 (ANI): Tremors of an earthquake were felt in parts of Jammu on Monday.

Full Story >>

Two killed, six injured in car accident in Shimla

Updated: May 29, 2017 20:37 IST     

Shimla (Himachal Pradesh) [India], May 29 (ANI): Two students met their fatal end as an Omani van carrying four students and three adults met with an accident here in Jutogh.

Full Story >>

New Delhi [India], May 29, (ANI): Condemning the Kerala incident where the youth Congress workers butchered a calf publically, the Congress Party on Monday dubbed the misconduct as 'reprehensible', while stating that the party does not support any kind of violence and barbarism.

Full Story >>

It's important to do what you like, asserts ISC topper

Updated: May 29, 2017 20:25 IST     

Kolkata (West Bengal), May 29 (ANI): Ananya Maity, who emerged as the ISC class XII all India topper with 99.5 percent on Monday asserted that she did well because she chose subjects which she loved to read.

Full Story >>

New Delhi [India], May 29, (ANI): The Central Industrial Security Force (CISF) on Monday issued an order of doing away with stamping hand baggage tags with immediate effect at six major airports- Lucknow, Guwahati, Patna, Trivandrum, Jaipur and Chennai from June 1.

Full Story >>

New Delhi [India], May 29 (ANI): President Pranab Mukherjee received the first copies of books 'Color Atlas of Oral implants' and 'Conservative Dentistry - Basics' at the Rashtrapati Bhavan today.

Full Story >>

PM Modi starts 'Mission Europe' with Germany

Updated: May 29, 2017 19:59 IST     

New Delhi [India] May 29 (ANI): Prime Minister Narendra Modi has started his 'Mission Europe' with Germany, which also includes his visit to Spain, Russia and France.

Full Story >>

New Delhi [India], May 29 (ANI): On the occasion of International Day of United Nations Peacekeepers, Vice Chief of Army Staff Lieutenant General Sarath Chand remembered 168 soldiers on Monday who died in various corners of the world for the cause of peace.

Full Story >>

New Delhi [India], May 29 (ANI): The Delhi Government on Monday announced Rs. five lakh for family of the e-rickshaw driver beaten to death allegedly for stopping two men from urinating in public.

Full Story >>

Dantewada (Chhattisgarh) [India], May 29 (ANI): Three Maoists were arrested after security forces attacked a Naxal hideout and commenced firing in Hiroli village here in Kirandul district.

Full Story >>

Evidence of Pak funding Kashmir separatists: NIA

Updated: May 29, 2017 19:30 IST     

New Delhi [India], May 29 (ANI): The National Investigation Agency (NIA) has found strong evidence against Kashmiri separatists Farooq Ahmad Dar, Javed Ahmad Baba and Nayeem Khan, who have been alleged to have received funds from Pakistan-based terrorist groups to create tensions in the valley.

Full Story >>