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ARTICLE · 11 JULY 2017

FIPB Abolition And Analysis Of The New Proposal

Shardul Amarchand Mangaldas & Co
Shardul Amarchand Mangaldas & Co
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Shardul Amarchand Mangaldas & Co

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The Foreign Investment Promotion Board (FIPB), an inter-ministerial body responsible for processing foreign direct investment (FDI) proposals and making recommendations for Government approval...

IndiaGovernment, Public Sector
Arvind Sharma
Arvind Sharma
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FIPB

The Foreign Investment Promotion Board (FIPB), an inter-ministerial body responsible for processing foreign direct investment (FDI) proposals and making recommendations for Government approval under the approval route, was introduced under the Prime Minister's Office (PMO) in the wake of economic liberalisation in the early 1990s. The FIPB was reconstituted in 1996 with its transfer to the Department of Industrial Policy Promotion, Ministry of Commerce & Industry (DIPP) and thereafter, vide the Presidential Order dated January 1, 2003, it was transferred to the Department of Economic Affairs, Ministry of Finance (DEA).

Road Map and New Proposal

The Ministry of Finance's office memorandum dated June 5, 2017 (OM), sets out the proposal for abolition of the FIPB and the same inter alia provides that, subsequent to abolition of the FIPB, the work of granting Government approvals for foreign investments under the extant foreign direct investment policy (FDI

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