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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 ..... f 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, NRIs can invest under PIS on re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dminister 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 of NRIs for their entire bank to the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evel 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) ensure compliance with instructions issued t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 Manager-in-Charge X X X X Extracts X X X X X X X X Extracts X X X X
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