India to grant permanent residency status to foreigners investing INR100 million

Foreign nationals who are willing to invest a minimum of INR100 million will be eligible for PRS (permanent residency status) in India, it was announced in the Rajya Sabha on 23 November.

Kiren Rijiju, Minister of State for Home, was quoted by the Press Trust of India as saying that the government came to a decision to grant multiple entry PRS for 10 years to overseas investors who invest at least INR100 million within a period of 18 months or INR250 million within a period of 36 months.

He added that PRS would also be issued to eligible foreign national’s spouse or dependents. But the overseas investment should be able to create jobs for at least 20 Indian citizens every financial year.

Rijiju said that this scheme would not be applicable to citizens of Pakistan or nationals of other countries with Pakistani origin.

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