FDI cap in the insurance sector allowed under automatic route, subject to prescribed Press Note conditions and RBI amendment. The circular permits FDI up to 26% under automatic route in the insurance sector to include FDI, investments by FIIs/FPIs and NRIs, subject to the conditions in Press Note 2 (2014 Series) dated February 4, 2014; it notes RBI's amendment to the Foreign Exchange Management Regulations to implement the Press Note and instructs AD Category I banks to inform customers, issued under Sections 10(4) and 11(1) of the FEMA, 1999.
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FDI cap in the insurance sector allowed under automatic route, subject to prescribed Press Note conditions and RBI amendment.
The circular permits FDI up to 26% under automatic route in the insurance sector to include FDI, investments by FIIs/FPIs and NRIs, subject to the conditions in Press Note 2 (2014 Series) dated February 4, 2014; it notes RBI's amendment to the Foreign Exchange Management Regulations to implement the Press Note and instructs AD Category I banks to inform customers, issued under Sections 10(4) and 11(1) of the FEMA, 1999.
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