After the Foreign Investment Promotion Board (FIPB) is dismantled, overseas investments requiring oversight of multiple ministries are likely to be approved by Department of Policy and Promotion (DIPP), which can work as single window to coordinate with ministries and departments.
“DIPP has laid out a roadmap for phasing out of FIPB and it believes that no mechanism relating to FIPB should be housed in Department of Economic Affairs ,” according to a top official.
He said the department has recommended prescribing a transition date so that the FIPB portal keeps getting investment proposals, which can be later directed to respective ministries and departments.
“FIPB portal may eventually be transferred to e-biz portal with DIPP,” he said.
(Published 27 February 2017, 17:13 IST)
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