NEW DELHI: The Centre is readying to make it easier for non-resident Indians to invest in the country as it eyes increased capital flows from the community, with Finance Minister Arun Jaitley tasking a high-level panel headed by finance secretary Arvind Mayaram to draw up a new framework for the purpose.The panel will have senior officials from the department of industrial policy and promotion and the ministry of overseas Indian affairs as its members, a finance ministry official told ET."The panel will look at the issue of aligning NRI investments with the overall foreign direct investment policy," said the official, requesting anonymity. The Narendra Modi-led NDA government, which has liberalised the FDI regime for defence and railways, is keen to tap both NRIs and foreign capital to fund its development plan.The panel will also look at whether investments by persons of Indian origin and those who enjoy overseas citizens of India status can be treated on a par with those by non-resident Indians, the official said. NRI investors enjoy special treatment in certain sectors such as civil aviation and construction and development. In civil aviation, they can invest up to 100% while foreign direct investment or FDI is restricted at 49%. In construction and development, they can also invest up to 100% but do not have to follow any conditions that are mandatory for foreign investors.NRI investment in all other sectors is treated on a par with foreign investment if it is to be repatriated. However, if the funds are parked here and are non-repatriable, the investments are treated as domestic. Non-resident Indians can, for instance, invest in multi-brand retail, hold more than 74% stakes in telecom and invest freely in construction through the non-repatriable route.Dedicated NRI deposit schemes, in the form of quasi-sovereign issuances, have in the past helped the government raise precious foreign exchange when it confronted the challenge of depleting reserves. The government in 1991, through the State Bank of India, issued India Development Bonds and raised $1.6 billion.In 1998, it launched 'Resurgent India' bonds after the nuclear tests in May 1998 led to the imposition of sanctions by the United States. The Resurgent India bonds raised $4.2 billion. In 2001, the government rolled out 'India Millennium Deposits' on the back of rising fuel prices and slowing capital flows. It was able to garner $5.5 billion.Treating NRI investments on a par with domestic investments will also create that much room for induction of FDI in sectors that have caps. FDI is considered a more stable form of foreign capital that could help the country not just fund its infrastructure plans but also help fund its current account deficit. It could also serve as a stable source of capital during any upheaval that may result from withdrawal of monetary stimulus in the US.