NOTIFICATION [NO.FEMA./338/2015-RB]/GSR 284(E), DATED 2-3-2015

FEM (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) (SECOND AMENDMENT) REGULATIONS, 2015 – AMENDMENT IN SCHEDULE 5

NOTIFICATION [NO.FEMA./338/2015-RB]/GSR 284(E)DATED 2-3-2015

In exercise of the powers conferred by clause (b) of sub-section (3) of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA 20/2000-RB dated 3rd May, 2000) namely:—

Short title & Commencement

1. (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Second Amendment) Regulations, 2015.

(ii) They shall come into force from the date of their publication in the Official Gazette.

Amendment to Schedule 5

2. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA 20/2000-RB dated 3rd May, 2000), in Schedule 5, in paragraph 2, after sub-paragraph (2),

i. The existing paragraph 2A starting with the words, “A person resident outside India” and ending with the words …………. “from time to time” shall be renumbered as paragraph 2B.
ii. After paragraph 2B, the following new sub-paragraph shall be added, namely:
“(2C) A Non-resident Indian may, without limit and on non-repatriation basis, subscribe to the chit funds authorised by the Registrar of Chits or an officer authorised by the State Government in this behalf, provided such subscriptions are made through normal banking channels.”

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