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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Introduces Stockinvest Scheme for NRIs/OCBs in Primary Market with Repatriation Benefits; Compliance and Penalties Outlined.</h1> The Reserve Bank of India issued a circular introducing the Stockinvest scheme for non-resident Indians (NRIs) and overseas corporate bodies (OCBs) to participate in the primary capital market. The scheme allows these entities to apply for shares or debentures with repatriation benefits from Indian companies, using Stockinvest as a payment instrument. Authorized dealers can issue Stockinvest to NRIs/OCBs under certain conditions, including specific color coding and lien requirements on NRE/FCNR accounts. The circular mandates compliance with existing guidelines and highlights penalties for non-compliance under the Foreign Exchange Regulation Act, 1973.
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