The Finance Ministry Tuesday launched an upgraded and secure user-friendly website for filing and processing of applications for foreign direct investment (FDI) requiring government approval.
"With the introduction of the new website (fipb.gov.in), applicant will have to submit only single copy of the application for records with the FIPB (Foreign Investment Promotion Board) secretariat instead of 15-18 copies being filed earlier," the ministry said in a statement.
According to the ministry, the initiative is part of government's ongoing efforts for good governance by enhancing transparency and accountability in its procedures.
The statement added that the website sports innovative features such as global reach, less paperwork and quick response time through sms and email alert.