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of <h1>New Guidelines for Issuing Partly Paid Units to Non-Residents Under Amended FEMA Rules, 2019.</h1> The circular addresses the issuance of partly paid units to non-residents by investment vehicles under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, amended in 2024. It instructs Authorized Dealer Category-I banks to regularize such issuances by Alternative Investment Funds before the amendment through compounding under the Foreign Exchange Management Act, 1999. Banks must ensure administrative actions, including reporting these issuances to the Reserve Bank via the FIRMS Portal and issuing conditional acknowledgments, are completed. These directions are issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.
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