Foreign Exchange Management Act, 1999 – Insurance

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..... 9 - Insurance Attention of authorised dealers is invited to the Notification No. FEMA.12/2000-RB dated 3 rd May 2000 whereby a person resident in India is prohibited from taking any general or life insurance policy issued by an insurer outside India. 2. It has since been decided, in consultation with Government of India, to exempt units located in Special Economic Zones (SEZs) from the purvi .....

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