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

FEMA - 107 - Dated:- 11-6-2015 - RBI/2014-15/636 A. P. (DIR Series) Circular No .107 June 11, 2015 To All Authorised Dealer Category-I Banks Madam / Sir, Subscription to chit funds by Non -Resident Indian on non-repatriation basis Attention of Author .....

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ime and Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified vide Notification No. FEMA 20/2000 - RB dated May 3, 2000 , as amended from time to time. 2. In terms of Regulation 4(b .....

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engaged or proposes to engage in the business of chit fund . 3. The extant guidelines for subscription to the chit funds have been reviewed in consultation with the Government of India and accordingly, it has been decided to permit Non - Resident In .....

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d 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 chan .....

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