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        FEMA

        Regulation 15 - Prohibited Activities for Investment by a Person Resident Outside India

        Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017

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        Prohibited investment by non-residents: bans on lotteries, gambling, chit funds, real estate business and certain sector collaborations. The regulation lists sectoral prohibitions on investment by persons resident outside India: lottery business, gambling and betting, chit funds (with limited NRI/OCI subscription via banking channels on non-repatriation basis under RBI conditions), nidhi companies, trading in transferable development rights, real estate business and construction of farm houses (with specified exclusions), manufacturing of cigars and cigarettes or tobacco substitutes, activities closed to private investment, and prohibition of foreign technology collaboration for lottery, gambling and betting activities.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Prohibited investment by non-residents: bans on lotteries, gambling, chit funds, real estate business and certain sector collaborations.

                              The regulation lists sectoral prohibitions on investment by persons resident outside India: lottery business, gambling and betting, chit funds (with limited NRI/OCI subscription via banking channels on non-repatriation basis under RBI conditions), nidhi companies, trading in transferable development rights, real estate business and construction of farm houses (with specified exclusions), manufacturing of cigars and cigarettes or tobacco substitutes, activities closed to private investment, and prohibition of foreign technology collaboration for lottery, gambling and betting activities.


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