Q16. Consider the following statements:

1. Permanent residency refers to a person’s visa status, i.e. the person is allowed to reside indefinitely within a country of which he or she is not a citizen.

2. To avail PRS in India, the foreign investor will have to invest a minimum of Rs.10 crore to be brought within 18 months or Rs.25 crore to be brought within 36 months.

Which of the following statements are correct?

a) 1 only

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b) 2 only

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c) Both 1 and 2

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d) None of the above

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Solution

The correct option is C
c) Both 1 and 2

Permanent residency refers to a person’s visa status, i.e. the person is allowed to reside indefinitely within a country of which he or she is not a citizen. A person with such status is known as a permanent resident. Many advanced economies such as the US, UK, Canada, Germany, Australia as well as Singapore and Hong Kong have permanent residency schemes.

The permanent residency scheme in India-

The permanent residency scheme (PRS) will be granted for a period of 10 years with multiple entries.

To avail PRS, the foreign investor will have to invest a minimum of Rs.10 crore to be brought within 18 months or Rs.25 crore to be brought within 36 months.

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

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