In a move expected to provide an impetus to foreign investments into the country, India has decided to grant Permanent Residency Status for 10 years with multiple entry to certain category of foreign investors, barring Pakistani citizens, the Rajya Sabha was informed today.
The government has decided to grant Permanent Residency Status (PRS) for 10 years with multiple entry to foreign investors making investment of minimum of Rs 10 crore to be brought within 18 months or Rs 25 crore to be brought within 36 months, Minister of State for Home Affairs Kiren Rijiju told the Upper House in a written reply today.
He also said PRS will also be granted to the spouse and dependents of the eligible foreign investor.
Experts feel that the move is expected to attract foreign investments into the country.
The foreign investment should result in generating employment to at least 20 resident Indians every financial year, he added.
However, the minister made it clear that "this scheme will not be applicable to Pakistani citizens or third country nationals of Pakistani origin".