In good news to companies seeking approval for foreign direct investment (FDI), the government has further eased procedures for seeking permission of the Foreign Investment Promotion Board (FIPB) for FDI; companies can now e-file a single copy application with the FIPB. The move aimed at ease of doing business in the country will improve business environment.
The Finance Ministry launched an upgraded and secure portal for e-filing of FDI applications, where applicants will have to submit only a single copy of the application for records with the FIPB Secretariat instead of 15-18 copies being filed earlier.
A Finance Ministry statement said that since the communication between the applicant, FIPB and other departments are online, any queries raised by the user would be replied through online mode. All the correspondence including updates/decisions will be communicated through SMS/emails, eliminating physical delivery and loss of time due to postal delays. Not only this, the applicants would also get SMS/email alerts related to the queries raised by the administrative ministries, inclusion of the proposal in the scheduled FIPB meeting and decisions.