FIPB abolition in final stages, says Arun Jaitley

FIPB abolition in final stages, says Arun Jaitley

New Delhi : Abolition of the 25-year-old Foreign Investment Promotion Board (FIPB) is in the final lap and this will set the stage for more reforms in the FDI policy, Finance Minister Arun Jaitley said today.

He also said some "tough steps" are required so that India increasingly becomes a tax-compliant society.

Jaitley had in his Budget for 2017-18 proposed abolition of FIPB an inter-ministerial body under the Finance Ministry's Department of Economic Affairs that processes FDI proposals and makes recommendations for government approval.

"I am now in the final stages of doing away with the FIPB because 90 per cent of the investment in India comes under the automatic route. So for the balance 10 per cent, do we need multiple forums to give approval or (do) we need just one forum in one ministry?" he said, addressing CII's annual meeting here.