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of <h1>NRIs Can Now Invest in Chit Funds Without Limit on Non-Repatriation Basis, Subject to Conditions Per FEMA 1999.</h1> Non-Resident Indians (NRIs) are permitted to subscribe to chit funds on a non-repatriation basis without limit, subject to certain conditions. The subscription must be approved by the Registrar of Chits or an authorized state officer and conducted through regular banking channels in India. This decision follows a review of existing guidelines in consultation with the Government of India. The Reserve Bank of India has amended relevant regulations to accommodate this change, as outlined in the Foreign Exchange Management Act, 1999. Authorized Dealer Category-I banks are instructed to inform their clients accordingly.
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