(1) Notwithstanding anything contained in any other State law for the time being in force, the Board shall, for the purpose of promoting and facilitating investments, exercise the powers of any statutory authority, Board or agency under the Government.
(2) Subject to the provisions of this Act, the Board shall, on receipt of an in-principle approval by an investor—
(a) provide and/or facilitate obtaining approvals from the Government and its statutory and other bodies;
(b) provide assistance in obtaining clearances from the Central Government or its statutory and other bodies.
(3) In particular and without prejudice to the generality of the foregoing functions, the Board may perform all or any of the following functions, namely:–
(a) Approval, rejection or review of all investment proposals meeting the criteria specified in sub- section (3) of section 3;
(b) Appoint sub-committee for evaluation and clearance of investment proposals which fall under sub- section (4) of section 3;
(c) Appoint an Investment Officer for all projects approved by the Board;
(d) Draft approval process, guidelines and standard operating procedure for new investments.
Reviewing and modifying these processes on an ongoing basis;
(e) Appoint and manage the consultants;
(f) Facilitate obtaining of approvals to the investors to set up their units in the State;
(g) Identify and recommend areas to be notified under this Act;
(h) Promote the State as an investment destination nationally and internationally;
Provide feedback and give suggestions to the Government on investment climate and policy and environment protection on an ongoing basis;
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(i) Identify infrastructure gaps hindering investment growth in the State on an ongoing basis and suggesting short, medium and long-term rolling plans to the Government to bridge the gaps;
(j) Seek membership of national and international investment promotion agencies to enable the Board to promote the State as an investment destination amongst the national and international trade community;
(k) Take all necessary measures to boost and promote agricultural industries, cottage industries, dairy farming and eco-tourism; and
(l) Provide dispute and grievance redressal mechanism for investors.
(4) In performance of its functions, duties and powers under this Act, the Board shall further the policies laid down by the Government as also all statutory notifications, including Regional Plan, Outline Development Plan, Development Plan, Land Use Maps and all other regulations made under various Acts wherever applicable except in notified areas as provided under this Act.
(5) The Board shall be bound by all laws made by the State Legislature, rules framed under thereof including any special directions, notification issued by the Government from time to time.
(6) Subject to the provisions of this Act and the directions issued by the Government in this behalf, the Board shall have all the powers including incidental and ancillary powers to perform, carry out, undertake any functions so as to promote and facilitate investment opportunities in the State.