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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 Authorised Dealers Category - I (AD Category - I) banks is invited to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations 2000, notified vide Notification No. FEMA 1/2000 - RB dated May 3, 2000 , as amended from time to t .....

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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 Indians (NRIs) to subscribe to the chit funds, without limit, on non - repatriation basis subject to the following conditions: i. The Registrar of Chits or an officer authorised by the State Government in accordance with the pro visions of the Chit Fun .....

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