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of <h1>RBI Amends Foreign Exchange Regulations: New Rules for NRI Securities Acquisition Under Schedules 3 and 4.</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management Regulations concerning the transfer or issue of securities by persons residing outside India. The amendments redefine a Non-Resident Indian (NRI) and outline the conditions under which NRIs can acquire securities on a repatriation or non-repatriation basis. Schedule 3 specifies the conditions for NRIs acquiring securities on a repatriation basis under the Portfolio Investment Scheme, including limits on shareholding and reporting requirements. Schedule 4 details the acquisition on a non-repatriation basis, prohibiting investments in certain sectors like real estate and agriculture. The amendments emphasize compliance with sectoral caps and the Foreign Direct Investment policy.
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