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Overseas Citizens of India Investor Forum launched

Our Bureau New Delhi | Updated on September 03, 2019 Published on September 03, 2019

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The Overseas Citizens of India (OCI) Investor Forum was launched on Tuesday by BK Modi, President of the World Federations of United Nations Associations.

The forum will focus on promoting economic investment by OCIs across business sectors in India.

The proposed size of investment to be generated would be approximately fifty per cent of the current GDP, a statement claimed.

In its initial project, the forum will invest in Kashmir to develop 100 “Global Wellness Hotels”.

The OCI Investor Forum is targeting to raise its proposed size of investment over the next five years by investing in various sectors like healthcare and wellness hotels, hospitality, etc.

Recommendations

The forum recommended altering the permissible limit for OCIs to stay in India, without affecting their status. Currently, OCIs can stay in the country for 182 days without getting taxed on their global income earned outside India. It has proposed that this limit should be increased to at least 270 days, to incentivise investing in the country.

It also proposed removing the Foreign Direct Investment cap across all sectors for OCI investment and the creation of state-backed sovereign funds to invest in.

Published on September 03, 2019
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