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Review of Foreign Direct Investment (FDI) Policy on Investments by Non Resident Indians (NRIs) Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs)

FEMA - Press Note No. 7 (2015 Series) - Dated:- 3-6-2015 - Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion Press Note No. 7 (2015 Series) Subject: 1.0 Present Position: 1.1 Paragraph 2.1.27 of 'Consolidated FDI Policy Circular of 2015', effective from May 12, 2015, relating to the definition of Non Resident Indian (NRI), presently reads as below: 'Non-Resident Indian' (NRI) means an individual resident outside India who is a .....

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esident Outside India) Regulations will be deemed to be domestic investment at par with the investment made by residents. 3.0 Accordingly, the following amendments are made in the 'Consolidated FDI Policy Circular of 2015', effective from May 12, 2015: (i) Para 2.1.27 is amended to read as below: 'Non-Resident Indian' (NRI) means an individual resident outside India who is a citizen of India or is an 'Overseas Citizen of India' cardholder within the meaning of section 7 ( .....

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