Cabinet approves abolition of 25-year-old FIPB
The Union Cabinet on Wednesday approved abolition of foreign investment regulator the Foreign Investment Promotion Board. The 25-year-old body responsible for approving foreign investment proposals was constituted under the Prime Minister's Office in the wake of the economic liberalisation of the early 1990s. In the Budget, Finance Minister Arun Jaitley had proposed to abolish the body.