Foreign Investment Promotion Board to be abolished
The government will abolish the Foreign Investment Promotion Board (FIPB) in 2017-18 and a new FDI policy is in the works, said FM Arun Jaitley while presenting the Union Budget on Wednesday. The move is aimed at easing foreign investment in the country. The FIPB offers a single window clearance for applications on FDI that are under the approval route.