Jaitley Announces Scrapping of Foreign Investment Promotion Board

Finance Minister Arun Jaitley also said that further liberalisation of the FDI policy is under consideration.

Finance Minister Arun Jaitley on Wednesday announced the abolition of the FIPB (Foreign Investment Promotion Board), a body that clears proposals envisaging foreign investment up to Rs 5,000 crore.

The minister also announced that further liberalisation of the FDI policy is under consideration.

FIPB has successfully implemented e-filing and online processing of FDI applications. We have now reached a stage where FIPB can be phased out. We have, therefore, decided to abolish the FIPB in the year 2017-18. Our road map for the same will be announced in the next few months.

Arun Jaitley, Union Finance Minister