India's Foreign Investment Promotion Board (FIPB), is being abolished, dpa cited Finance Minister Arun Jaitley as announcing Wednesday. Jaitley, while presenting the federal budget for the financial year 2017-18 said the FIPB would be scrapped in the new financial year that begins April 1. "Further liberalization of FDI (foreign direct investment) is under consideration and announcements will be made in due course," Jaitley said. The board clears applications for FDI up to 50 billion rupees (740 million dollars) in sectors where foreign entities are not allowed controlling equity, or in areas where government approval is needed like banking, defence and civil aviation.
