India, March 10 -- The Union cabinet at its meeting chaired by Prime Minister Narendra Modi on Tuesday approved changes in guidelines on investments from countries sharing land borders with India - easing a key criterion, and setting for itself a deadline for approvals.

Amendments approved in the Foreign Direct Investment (FDI) Policy "aim to unlock greater inflows from global funds for startups" and "take forward the agenda of ease of doing business", said a government press release.

The two major decisions include changing the norm for determining a 'beneficial owner' (BO) as per the Prevention of Money Laundering Rules, 2003; and setting a 60-day decision deadline for investment proposals.

Now, from land border countries (LBCs), inv...