{"id":133521,"date":"2017-05-25T11:56:37","date_gmt":"2017-05-25T06:26:37","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=133521"},"modified":"2017-05-25T11:56:37","modified_gmt":"2017-05-25T06:26:37","slug":"cabinet-approves-phasing-out-foreign-investment-promotion-board","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/05\/25\/cabinet-approves-phasing-out-foreign-investment-promotion-board\/","title":{"rendered":"Cabinet approves phasing out Foreign Investment Promotion Board"},"content":{"rendered":"<p style=\"text-align: justify;\">The Union Cabinet \u00a0has given its approval to the phasing out of Foreign Investment Promotion Board (FIPB). The proposal entails abolishing the FIPB and allowing administrative Ministries\/Departments to process applications for FDI requiring government approval.\u00a0Henceforth, the work relating to processing of applications for FDI and approval of the Government thereon under the extant FDI Policy and FEMA, shall now be handled by the concerned Ministries\/Departments in consultation with the Department of Industrial Policy &amp; Promotion (DIPP), Ministry of Commerce, which will also issue the Standard Operating Procedure (SOP) for processing of applications and decision of the Government under the extant FDI policy.\u00a0In addition, Foreign Investors will find India more attractive destination and this will result in more inflow of FDI. The move will provide ease of doing business and will help in promoting the principle of Maximum Governance and Minimum Government.<\/p>\n<p style=\"text-align: justify;\"><strong>Background:\u00a0<\/strong>The proposal for abolition of FIPB was approved by the Cabinet in its meeting on 24-05-2017. Presently, applications are considered by FIPB in Department of Economic Affairs (DEA), Ministry of Finance comprising of various Secretaries of Government of India for making recommendation on FDI applications. After the Cabinet decision, it would be handled independently by Administrative Ministries as per Sector.<\/p>\n<p style=\"text-align: right;\">Cabinet<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Union Cabinet \u00a0has given its approval to the phasing out of Foreign Investment Promotion Board (FIPB). The proposal entails abolishing the <\/p>\n","protected":false},"author":91,"featured_media":28141,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-133521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cabinet approves phasing out Foreign Investment Promotion Board | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2017\/05\/25\/cabinet-approves-phasing-out-foreign-investment-promotion-board\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet approves phasing out Foreign Investment Promotion Board\" \/>\n<meta property=\"og:description\" content=\"The Union Cabinet \u00a0has given its approval to the phasing out of Foreign Investment Promotion Board (FIPB). 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These are intended to liberalise and simplify the FDI policy so as to provide ease of doing business in the country. 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The decision was taken at a high-level meeting chaired by Prime Minister Narendra Modi today. This is the second major reform after the last radical changes\u2026","rel":"","context":"In &quot;Business Law&quot;","block_context":{"text":"Business Law","link":"https:\/\/www.scconline.com\/blog\/post\/category\/Business_Law\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/05\/indian-airlines.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/05\/indian-airlines.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/05\/indian-airlines.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/05\/indian-airlines.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/05\/indian-airlines.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":228467,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/04\/18\/government-amends-extant-fdi-policy-for-curbing-opportunistic-takeovers-acquisitions-of-indian-companies-in-view-of-covid-19-pandemic\/","url_meta":{"origin":133521,"position":4},"title":"Government amends &#8212; extant FDI policy for curbing opportunistic takeovers\/acquisitions of Indian companies in view of COVID-19 pandemic","author":"Bhumika Indulia","date":"April 18, 2020","format":false,"excerpt":"Government of India has reviewed the extant Foreign Direct Investment(FDI) policy for curbing opportunistic takeovers\/acquisitions of Indian companies due to the current COVID-19 pandemic and amended para 3.1.1 of extant FDI policy as contained in Consolidated FDI Policy, 2017. Department for Promotion of Industry and Internal Trade, Ministry of Commerce\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104171,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/02\/05\/high-net-worth-nbfcs-can-now-participate-in-ipos-at-par-with-banks-and-insurance-companies\/","url_meta":{"origin":133521,"position":5},"title":"High net worth NBFCs can now participate in IPOs at par with Banks and Insurance Companies","author":"Saba","date":"February 5, 2017","format":false,"excerpt":"While presenting the General Budget 2017-18 in Lok Sabha, the Union Finance Minister, Shri Arun Jaitley proposed that the Foreign Investment Promotion Board (FIPB) will be phased-out in the next fiscal. 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