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24 May 2017
In
a bid to further ease doing business in India, the Union cabinet on Wednesday
abolished the over 25-year-old Foreign Investment Promotion Board (FIPB) that
vetted foreign direct investment (FDI) proposals. The Total Investment & Insurance Solutions
"The
cabinet today (Wednesday) approved the ending of the FIPB," Finance
Minister Arun Jaitley told reporters here following a cabinet meeting.
The
Union Budget 2017-18 had made an announcement in this regard, Jaitley said, and
added that with the liberalisation of FDI rules, 90% of FDI was coming in
anyway through the "automatic" route, without needing FIPB clearance.The Total Investment & Insurance Solutions
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