Lok Sabha Question No. 1387 (UNSTARRED), answered on 2015-07-29
Subject: Domestic Investment
Ministry: OVERSEAS INDIAN AFFAIRS
Asked by: BAIJAYANT "JAY" PANDA

Government of India

Ministry of Overseas Indian Affairs

**LOK SABHA**

**UNSTARRED QUESTION NO. 1387**

To be answered on 29 th July, 2015

**Domestic Investment**

**1387. SHRI BAIJAYANT JAY PANDA:**

Will the Minister of OVERSEAS INDIAN AFFAIRS be pleased to state:

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(a) whether investment by overseas Indians will now be treated as domestic investment;

(b) if so, the details of the industries where such treatment is-permitted and excluded     respectively as well as whether the money can be repatriated overseas; and

(c) the details of the expenditure on Overseas Diaspora Engagement Meets and similar events held during the last three years?

**ANSWER**

**MINISTER OF STATE FOR OVERSEAS INDIAN AFFAIRS**

**GENERAL V.K. SINGH (RETD.)**

1. & (b) Investment by Overseas Indians covers investment by Overseas Citizen of India (OCI) cardholders. Investment made by OCI cardholders on non-repatriation basis made under schedule 4 of FEMA (Transfer or Issue of Security by Persons Resident Outside India) Regulations will be deemed to be domestic investment at par with the investment made by residents. This dispensation to OCI cardholders is available across the sectors, subject to applicable laws/regulations; security and other conditionalities. Repatriation of investments is covered under relevant guidelines issued by RBI.

(c) The following is the details of Government expenditure on Diaspora Engagement Meets and similar events held overseas during the last three years:

Contd/….2

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| **EXPENDITURE ON DIASPORA ENGAGEMENT MEETS & OTHER EVENTS      OVERSEAS (Rupees in  Lakh)**   |                                                                      |             |             |             |
|---------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|-------------|-------------|-------------|
| **S.**  **No**                                                                                    | **Name of the Event**                                                | **2012-13** | **2013-14** | **2014-15** |
| **1**                                                                                             | Diaspora Engagement Meet in Kenya                                    | 17.68       |             |             |
| **2**                                                                                             | Mini Pravasi Bhartiya Diwas, Mauritius                               | 32.11       |             |             |
| **3**                                                                                             | Regional Pravasi Bhartiya Diwas (Sydney, Australia )                 |             | 52.59       |             |
| **4**                                                                                             | Diaspora Engagement Meets in South Africa (Johannesburg & Cape town) |             | 1.86        |             |
| **5**                                                                                             | Diaspora Engagement Meets in Indonesia (Medan & Jakarta)             |             | 23.18       |             |
| **6**                                                                                             | Diaspora Engagement Meet- Manama, Bahrain                            |             |             | 19.66       |
| **7**                                                                                             | Diaspora Engagement Meet & Regional PBD (London, UK)                 |             |             | 56.44       |
|                                                                                                   | Total                                                                | 49.79       | 77.63       | 76.10       |