FOREIGN INVESTMENT FACILITATION PORTAL (FIF)
25th May, 2022 Economy
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- FOREIGN INVESTMENT FACILITATION PORTAL (FIF) (FIF) since abolishment of Foreign Investment Promotion Board (FIPB).
- Foreign Investment Promotion Board (FIPB), the body that processed foreign investment under the government route in mandated sectors was dissolved in 2017.
- Subsequent to the abolition of the Foreign Investment Promotion Board (FIPB), granting of government approval for foreign investment under the extant FDI Policy and FEMA Regulations was entrusted to the concerned Administrative Ministries/Departments.
- Also, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, was made the nodal Department.
- The FDI proposals were, thereafter, required to be filed only on Foreign Investment Facilitation Portal (FIF Portal), which is managed by DPIIT.
- The Foreign Investment Facilitation Portal is, therefore, the new online portal for investors to facilitate Foreign Direct Investment.
- The proposals filed on FIF Portal are forwarded to the concerned Administrative Ministry and are also simultaneously marked to the Ministry of External Affairs (MEA) and Reserve Bank of India (RBI) for comments and to the Ministry of Home Affairs (MHA) for necessary security clearance, wherever required as per the FDI Policy/ FEM Regulations.
- The FIFP portal thus processes the FDI proposals which are through the approval route.
- This portal is administered by the Department of Industrial Policy and Promotion and the Ministry of Commerce and Industry.