Industry & Economy
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Budget
FIPB to fly with clipped wings
Our Bureau
New Delhi
,
July 8
BELYING rumours about closing down the Foreign Investment Promotion Board (FIPB), the Union Finance Minister, Mr P. Chidambaram, granted it a fresh lease of life, albeit with clipped wings
Many of the present functions of the FIPB could go to the automatic approval route for foreign direct investments (FDI) offered by the Reserve Bank of India (RBI) while the FIPB will continue to function as a one-stop service centre and facilitator for foreign investors and as a one-stop centre for securing the nod of all the Central Ministries.
The Finance Minister indicated that the proposed new Investment Commission would take up a major role in FDI policy decisions in the days to come. The Commission would be authorised by the Government to engage, discuss with and invite domestic and foreign businesses to invest in India and will be chaired by an eminent person.
As of now, though most of the sectors have been put under the RBI's automatic approval route, investors who qualify for automatic approvals often moves the FIPB for approval.
This is because RBI's automatic approval route does not give written permission as it is assumed to be automatically permitted.
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