NOTIFICATION [NO.FEMA./337/2015-RB]/GSR 283(E), DATED 2-3-2015

FEM (PERMISSIBLE CAPITAL ACCOUNT TRANSACTIONS) (SECOND AMENDMENT) REGULATIONS, 2015 – AMENDMENT IN REGULATION 4

NOTIFICATION [NO.FEMA./337/2015-RB]/GSR 283(E)DATED 2-3-2015

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:—

Short title & Commencement

1. (i) These Regulations may be called the Foreign Exchange Management (Permissible Capital Account Transactions) (Second Amendment) Regulations, 2015.

(ii) They shall come into force from the date of their publication in the Official Gazette.

Amendment to the Regulation

2. In the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations 2000 (Notification No. FEMA 1/2000-RB dated 3rd May, 2000), in Regulation 4, in sub- regulation (b),—

(i) the existing ‘explanation’ shall be numbered as (i) and
(ii) the following new explanation shall be added, namely:
“(ii) The Registrar of Chits or an officer authorised by the state Government in this behalf, may, in consultation with the State Government concerned, permit any chit fund to accept subscription from Non-resident Indians. Non-resident Indians shall be eligible to subscribe, through banking channel and on non- repatriation basis, to such chit funds, without limit subject to the conditions stipulated by the Reserve Bank of India from time to time”.

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