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 ...
