Foreign Investment Promotion Board (FIPB)

 
FIPB has been abolished now.
  • The FIPB is inter-ministerial body that offers a single window clearance for applications on Foreign Direct Investment (FDI) that are under the approval route.
  • The finance secretary is the chairman of the FIPB.
  • It is housed in the Department of Economic Affairs, Union Ministry of Finance.
  • Presently, FDI proposals up to 3,000 crore rupees are cleared by the FIPB.
  • However, those proposals involving FDI of more than 3,000 crore rupees are given final clearance by the Cabinet Committee on Economic Affairs (CCEA)
  • FIPB will be abolished in 2017-18 as declared by Finance Minister in Budget speech.
Who will perform FIPB’s duties?
  • All FDI applications, their processing and approval will be handled by the concerned Ministries/Departments in consultation with the Department of Industrial Policy & Promotion(DIPP), Ministry of Commerce
  • DIPP will also issue the Standard Operating Procedure (SOP) for processing of applications and decision of the Government under the extant FDI policy