NEWS : Foreign Investment Facilitation Portal (FIFP)  completes 5 years

DETAILS

• Set up after Union Cabinet decision to abolish Foreign Investment Promotion Board
• New online single point interface of the Government of India for investors to facilitate Foreign Direct Investment
• Administered by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry
• Facilitate the single window clearance of applications which are through the approval route

FOREIGN INVESTMENT PROMOTION BOARD

• Inter-ministerial body that offers a single window clearance for applications on Foreign Direct Investment (FDI) that are under the approval route
• Was chaired by finance secretary
• FDI proposals up to 3,000 crore rupees was cleared by the FIPB
• However, those proposals involving FDI of more than 3,000 crore rupees are given final clearance by the Cabinet Committee on Economic Affairs (CCEA)
• FIPB will be abolished in 2017-18 as declared by Finance Minister in Budget speech.