NRI subscription to chit funds permitted on non-repatriation basis subject to Registrar authorization and banking channel rules. Non-Resident Indians may subscribe to chit funds on a non-repatriation basis provided the Registrar of Chits or an authorised officer permits the chit fund to accept such subscriptions and the subscriptions are brought in through normal banking channels, including accounts in India. The Reserve Bank amended the applicable FEMA regulations to enable this change, and the circular is issued under the Foreign Exchange Management Act without prejudice to other legal permissions.
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.
NRI subscription to chit funds permitted on non-repatriation basis subject to Registrar authorization and banking channel rules.
Non-Resident Indians may subscribe to chit funds on a non-repatriation basis provided the Registrar of Chits or an authorised officer permits the chit fund to accept such subscriptions and the subscriptions are brought in through normal banking channels, including accounts in India. The Reserve Bank amended the applicable FEMA regulations to enable this change, and the circular is issued under the Foreign Exchange Management Act without prejudice to other legal permissions.
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