India amends rules to speed up approvals for foreign investment proposals
7 May 2015 2:16 PM IST
Under new rules investments up to Rs 30 billion will not require approval of the cabinet
Rupee four month low of 63.77 against the US dollar in early trade (Representational Image)
New Delhi: The cabinet on Wednesday changed rules to speed up approvals for foreign investment proposals, aiming to boost inflows and make it easier for firms to do business in Asia's third-largest economy.
Under the new rules, investments up to 30 billion rupees ($472 million) will not require the approval of the cabinet and can be cleared by the Foreign Investment Promotion Board (FIPB), the government said in a statement.
Until now, the FIPB had the authority to clear investments that were below 20 billion rupees.
( Source : reuters )
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