Special perks for NRIs in budget |
Nirmala Sitharaman`s budget had a special focus on the NRIs. Some key points of the budget included: * Aadhaar card under 180 days for NRIs on arrival in India. * To allow FIIs & FPIs investment in debt securities issued by NBFCs. * Existing KYC norms for FPIs to be rationalized and simplified to make it more investor friendly. * To merge NRI portfolio route with FPI route. * Annual Global Investors` Meet for attracting global players to come and invest in India. Among other key announcements, Sitharaman said the government will launch an interoperable ATM ¬like One Nation One Card for pan¬India travel, new rental laws for affordable housing and interest subvention scheme for MSMEs. Government also announced an Inter¬operable One Nation One transport card for universal travel which can used on various modes of transport. The card can also be used as an ATM card for withdrawing money. Govt is also planning to create MRO industry that is Manufacturing, Repair and Operate industry. A New payment platform for MSMEs was also proposed to be created. A proposal to launch `Study in India` programme to attract foreign students in higher education.
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