Non-repatriable NRI funds may get domestic investment tag

In order to encourage more overseas investments into India, the government has set up a committee to look into the possibility of treating non- repatriable NRI funds as domestic investment.

'The committee will look into streamlining the process for NRI investments into India in the light of the Mayaram panel report on rationalising the FDI/FII definition,' an official said. The committee to be headed by Finance Secretary Arvind Mayaram will include representatives from the ministries of industry, law and external affairs.

Among other things, it will also look at strengthening the reporting system of such investments by the non-resident Indians. In June, the Mayaram panel had suggested the definitions for FDI and FIIs, but had suggested that the issue related to NRI investment should be looked into separately.