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of <h1>RBI Amends Foreign Exchange Regulations: Removes Approval Requirement, Introduces New Reporting for PIS, Updates NRI Investment Rules.</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000. The amendments, effective from their publication in the Official Gazette, include changes to Schedule 3. Notably, the requirement for Reserve Bank approval in certain sub-paragraphs is removed, and new reporting obligations for authorized dealers regarding PIS transactions are established. Additionally, NRIs can maintain separate sub-accounts for investment transactions, with specific guidelines on permitted credits and debits for NRE and NRO accounts under the Portfolio Investment Scheme.
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