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The Reserve Bank of India amends the Foreign Exchange Management Regulations to permit chit funds to accept subscriptions from Non-resident Indians. The Registrar of Chits or an authorized state government officer may permit any chit fund to accept subscriptions. Non-resident Indians subscribe through banking channels on a non-repatriation basis without limit subject to conditions by the Reserve Bank of India. The regulations come into force from the date of publication in the Official Gazette.
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Relative A.P. (DIR) circular: 107/11.06.2015
RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai- 400 001 Notification No. FEMA. 337/2015-RB Dated March 02, 2015 Foreign Exchange Management (Permissible Capital Account Transactions) (Second Amendment) Regulations, 2015 In exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act 1999 (42 of 1999), the Reserve Bank of India makes, in consultation with the Central Government, the following amendments in the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 ( Notification No. FEMA 1/2000-RB dated 3rd May 2000 ) namely:-
(B.P.Kanungo) Principal Chief General Manager Foot Note: The Principal Regulations were published in the Official Gazette vide No. G.S.R. No.384 (E) dated May 5, 2000 in Part II, Section 3, sub-section (i) and subsequently amended vide: G.S.R.207 (E) dated March 23, 2004 G.S.R.14 (E) dated January 5, 2008 G.S.R.551 (E) dated August 14, 2013 G.S.R. 488 (E) dated July 11, 2014 Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 13.04.2015- G.S.R.No.283(E)
