Companies seeking approval for foreign direct investment (FDI) can now e-file a single copy application with the FIPB, a move aimed at ease of doing business in the country.
The Finance Ministry today launched an upgraded and secure portal for e-filing of FDI applications.
"With the introduction of the new website, applicants will have to submit only a single copy of the application for records with the FIPB Secretariat instead of 15-18 copies being filed earlier," a Finance Ministry statement said.
The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary, clears FDI investments which requires government approval.
"The initiative is part of the Government's ongoing efforts for Good Governance by enhancing transparency and accountability in its procedures and is a step towards Minimum Government and Maximum Governance," the statement added.
The applicants would also get SMS/email alerts related to the queries raised by the administrative ministries, inclusion of the proposal in the scheduled FIPB meeting and decisions.
"All the correspondence including updates/decisions are communicated through SMS/emails and thus eliminating physical delivery and loss of time due to postal delays," it added.
Since the communication between the applicant, FIPB and other departments are online, any queries raised by the user would be replied through online mode.
The Commerce and Industry Ministry has already taken several measures and has proposed series of steps, including drastically reducing the time for registration of business to one day, single registration of all labour laws and cut in number of taxes to improve ease of doing business in India.
According to a World Bank report, India has slipped three positions to 134th spot in the latest 'ease of doing business' list, which is topped by Singapore.