‘Aadhaar for NRIs on arrival with no waiting period’: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Friday proposed that NRIs holding Indian passports be given Aadhaar cards on arrival in India without the mandatory wait period.

Presenting her first Union Budget, the Finance Minister said the cards could be provided without NRIs having to wait for the mandated 180 days.

Among other proposals for NRIs, the FM said investment in the country would be made much easier by merging NRI portfolio route with foreign portfolio investment.

“To provide NRIs seamless (access) to Indian equities, NRI portfolio investment route will be merged with the foreign portfolio investment route,” she said.

She said that annual global investors’ meet would be organised in India, using NIIF as “the anchor to get key sets of global players to come and invest in India.”

She also announced to open up FDI in aviation, media, animation AVGC, and insurance to be examined, in consultation with stakeholders, while 100 pc FDI to be permitted for insurance intermediaries.