Permission granted to subscribe to chit funds by NRIs without limit on non-repatriation basis subject to some specified conditions.

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..... tion basis Attention of Authorised Dealers Category I (AD Category - I) banks is invited to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations 2000 , notified vide Notification No. FEMA 1/2000 - RB dated May 3, 2000 , as amended from time to time and Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulat .....

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..... Chits or an officer authorised by the State Government in accordance with the pro visions of the Chit Fund Act in consultation with the State Government concerned, may permit any chit fund to accept subscription from Non - Resident Indians on non - repatriation basis; ii. The subscription to the chit funds shall be brought in through normal banking channel, including through an account maintain .....

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..... en 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, (B.P.Kanungo) Principal Chief General Manager - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementind .....

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