Which of the following statement is correct regarding FIPB Foreign Investment Promotion Board 1 It i...........

Economic Affairs Foreign Investment

Which of the following statement is correct regarding FIPB (Foreign Investment Promotion Board)

(1)It is autonomous body working under DIPP, ministry of commerce

(2)It offers a single window clearance for applications on Foreign Direct Investment (FDI) in India that are under the approval route.

Choose the correct code:

1 only

2 only

Both 1 and 2

Neither 1 and 2

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Explanation:

•It works under Department of Economic Affairs, Ministry of Finance
•The Foreign Investment Promotion Board (FIPB) offers a single window clearance for applications on Foreign Direct Investment (FDI) in India that are under the approval route. The sectors under automatic route do not require any prior approval from FIPB and are subject to only sectoral laws. This e-filing facility is an important initiative of the FIPB Secretariat to further enhance its efficiency and transparency of decision making. The present portal is an upgraded and more secure version. Once the e-filing of the application is completed, the application needs to file/courier only SINGLE copy of the printed version of the online application, along with the duly authenticated copy of the documents attached with the application.
•FIPB will be abolished in financial year 2017-18, as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha.