FIPB portal to be renamed

NEW DELHI: The FIPB portal will be renamed Foreign Investment Facilitation Portal under DIPP.

DIPP has defined timelines for ministries in the standard operating procedures.

DIPP will transfer the application to the concerned ministry within two days and also to MHA and RBI as required.

One week time would be given for scrutiny and any additional information required.

The SoP is still in draft stage.

MHA has suggested to give security clearance in 6 weeks wherever required.

Ministries will be required to decide on applications within 8 weeks and in 10 weeks where the security clearance is required.

DIPP wants to implement the new system from July 1.