Permanent Residency Status Scheme

Two years after it was launched by the Union government, the Permanent Residency Status (PRS) scheme providing a host of facilities for foreigners who invest at least ₹10 crore under the Foreign Direct Investment (FDI) route is yet to find a single applicant.

Under the Scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors.

The PRS will be granted for a period of 10 years with multiple entries. This can be reviewed for another 10 years if the PRS holder has not come to adverse notice.

PRS will serve as multiple entry visas without any stay stipulation and PRS holders will be exempted from the registration requirements.

PRS holders will be allowed to purchase one residential property for dwelling purpose.

The spouse/ dependents of the PRS holder will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.

The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents. These include:

The foreign investor will have to invest a minimum of Rs. 10 crores to be brought within 18 months or Rs.25 crores to be brought within 36 months.

Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year.

Making payments is soon going to become even easier as you may not need a smartphone for the purpose. A basic feature phone will do.

ToneTag, a Bengaluru-based financial technology company, is set to introduce sound-based data transfer technology that had already been picked up by the likes of MasterCard and Infosys, one of the top three core banking solution providers in the world.

ToneTag is a technology which is a communication protocol that will enable data transfer using sound waves. It is not hardware dependent and works with the devices that do not have a microphone or speaker.

ToneTag sound-wave communication platform enables highly secure proximity payments, customer engagement services, and on-the-go mobility solutions. The approach in this technology makes the entire process device agnostic and completely frictionless, making the user experience intuitive and highly adaptable.

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