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of <h1>India Updates FDI Policy: NRI Investments Now Classified as Domestic Under Schedule 4 of FEMA Regulations.</h1> The Government of India has revised its Foreign Direct Investment (FDI) policy concerning Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs). The updated policy redefines NRIs to include Overseas Citizen of India cardholders and considers investments by NRIs under Schedule 4 of FEMA regulations as domestic investments, equating them with investments by residents. These amendments, effective from June 18, 2015, aim to streamline investment processes and enhance clarity in the classification of investors under the FDI policy. The Foreign Investment Promotion Board (FIPB) will handle approvals in coordination with the Ministry of Finance.
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