The department for promotion of industry and internal trade (DPIIT) has issued an updated standard operating procedure (SOP) for processing foreign direct investment (FDI) proposals.
As per the SOP, up to 12 weeks' time has been fixed for a decision on the proposals, excluding the time taken by applicants in removing deficiencies in the proposals or in supplying additional information as may be required by the competent authority.
"This SOP aims to make the FDI application filing process completely paperless. Therefore, the applicant will not be required to file physical copies of any documents required to process FDI proposals," the DPIIT said.
As per the SOP, all applications will be forwarded to the Ministry of External Affairs for their comments/clearance on investments from countries sharing a land border with India and, in other cases, where necessary, within the stipulated time period.
It added that all the ministries and departments consulted on any proposal, including the RBI, the home ministry and the external affairs ministry, will have to provide their comments within the timeline, and in case comments are not received within the prescribed time, it will be presumed that they have no comments to offer.
The last SOP was issued on June 29, 2017. According to that, a maximum of 10 weeks was fixed for the clearance of an FDI proposal.
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