Context:

• Recent report by the government shows that even after two years after it was launched, the Permanent Residency Status (PRS) scheme providing a host of facilities for foreigners who invest at least ₹10 crore under the Foreign Direct Investment (FDI) route has not found a single applicant.

About the scheme:

• Under the Scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors.
• The PRS will be granted for a period of 10 years with multiple entry. This can be reviewed for another 10 years if the PRS holder has not come to adverse notice.
• PRS will serve as a multiple entry visa without any stay stipulation and PRS holders will be exempted from the registration requirements.
• PRS holders will be allowed to purchase one residential property for dwelling purpose.
• The spouse/ dependents of the PRS holder will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.

The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents. These include:

• The foreign investor will have to invest a minimum of Rs. 10 crores to be brought within 18 months or Rs.25 crores to be brought within 36 months.
• Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year.

Source:TH