Rule 3 - Restriction on investment in India by a person resident outside India - Foreign Exchange Management (Non-debt Instruments) Rules, 2019

CHAPTER II GENERAL CONDITIONS APPLICABLE TO ALL INVESTORS 3. Restriction on investment in India by a person resident outside India. - Save as otherwise provided in the Act or rules or regulations made thereunder, no person resident outside India shall make any investment in India : Provided that an investment made in accordance with the Act or the rules or the regulations made thereunder and held on the date of commencement of these rules shall be deemed to have been made under these rules and shall accordingly be governed by these rules: Provided further that the Reserve Bank may, on an application made to it and for sufficient reasons 1 [ **** ] , permit a person resident outside India to make any investment in India subject to such conditions as may be considered necessary. ************ NOTES:- 1. Omitted vide Notification No. S.O. 2442 (E) dated 27-07-2020 before it was read as and in consultation with the Central Government