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Portfolio Investment Scheme liberalisation allows authorised dealer bank branches to administer PIS subject to reporting, sectoral exclusions and compliance. Authorised dealer banks may permit their branches to administer NRI investments under the Portfolio Investment Scheme while allotting a single Unique Code to the bank's designated link office; the link office must be furnished to the Reserve Bank in advance and must report all PIS transactions daily via the Online Report Filing System in form LEC (NRI). Banks must apply scheme terms, enforce sectoral investment exclusions specified under FEMA, ensure compliance with AD and EC.CO.FID circulars and other FEMA requirements, and note the derecognition of Overseas Corporate Bodies as eligible investors.
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Portfolio Investment Scheme liberalisation allows authorised dealer bank branches to administer PIS subject to reporting, sectoral exclusions and compliance.
Authorised dealer banks may permit their branches to administer NRI investments under the Portfolio Investment Scheme while allotting a single Unique Code to the bank's designated link office; the link office must be furnished to the Reserve Bank in advance and must report all PIS transactions daily via the Online Report Filing System in form LEC (NRI). Banks must apply scheme terms, enforce sectoral investment exclusions specified under FEMA, ensure compliance with AD and EC.CO.FID circulars and other FEMA requirements, and note the derecognition of Overseas Corporate Bodies as eligible investors.
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