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of <h1>RBI Amends Regulations to Allow NRIs to Invest in Chit Funds via Banking Channels, Conditions Apply</h1> The Reserve Bank of India, in consultation with the Central Government, issued amendments to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000. Effective from the publication date, the amendments allow the Registrar of Chits or an authorized state officer to permit chit funds to accept subscriptions from Non-Resident Indians (NRIs) through banking channels on a non-repatriation basis. There is no subscription limit, but conditions set by the Reserve Bank of India apply. These changes are part of the Foreign Exchange Management (Permissible Capital Account Transactions) (Second Amendment) Regulations, 2015.
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