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Notification No.FEMA.361/2016-RB dated February 15, 2016

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2016

This Notification has amended Notification No. FEMA. 20/2000-RB dated 3rd May 2000 as under: –

A. Substituted clause (viia) in Regulation 2 as follows: – “(viia) Non-Resident Indian (NRI) means an individual resident outside India who is citizen of India or is an ‘Overseas Citizen of India’ cardholder within the meaning of section 7 (A) of the Citizenship Act, 1955.”

B. Substituted Regulation 5(3) as follows: – “(i) A Non- Resident Indian (NRI) may acquire securities or units on a Stock Exchange in India on repatriation basis under the Portfolio Investment Scheme, subject to the terms and conditions specified in Schedule 3. (ii) A Non- Resident Indian (NRI) may acquire securities or units on a non-repatriation basis, subject to the terms and conditions specified in Schedule 4.”

C. Substituted Schedule 3.

D. Substituted Schedule 4.

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Notification No.FEMA.362/2016-RB dated February 15, 2016