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TMI BlogInvestments by Non-resident Indians (NRIs) under Portfolio Investment Scheme (PIS) Liberalisation of PolicyX X X X Extracts X X X X X X X X Extracts X X X X ..... of Policy Attention of Authorised Dealers Category-I (AD Category - I) banks is invited to Schedule 3 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA 20/2000-RB dated May 3, 2000 (hereinafter referred to as Notification No. FEMA 20), as amended from time to time in terms of which, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e free to permit its branches to administer the Portfolio Investment Scheme for NRIs subject to the following: a) the AD Category - I bank while granting permission to NRI for investment under PIS shall allow them to operate the scheme as per the terms and conditions are as Annex-A ; b) the designated link office shall continue to report on a daily basis PIS transactions undertaken on behalf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eational facilities, city and regional level infrastructure, townships), construction of farm houses, manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes and trading in Transferable Development Rights (TDRs) and in sectors/ activities as specified in terms of Notification No. FEMA.1/2000-RB dated May 3, 2000, as amended from time to time; and e) e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MA.261/2013-RB dated February 27, 2013 vide G.S.R. 515(E) dated July 30, 2013. 5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (Rudra Narayan Kar) Chief General Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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