Foreign Exchange Regulation Act, 1973 : Notification under section 19(1)(a), (d) read with section 9(1)(a) : Permission for issue of units of mutual fund to NRIs/OCBs with repatriation/non-repatriation basis - G. S. R. 354(E) - Income Tax Act, 1961
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Mutual fund issuance to NRIs: permitted with repatriation and remittance conditions for subscription and payout proceeds. Mutual funds are permitted to issue units to NRIs and OCBs and to remit units abroad or make repurchase payments provided they comply with SEBI conditions and that subscription monies are received by inward remittance or debited to authorised non-resident accounts. Distinct rules govern investments on repatriation and non-repatriation bases, and dividend, interest and maturity proceeds must be remitted or credited to specified types of non-resident accounts consistent with the investment basis. Definitions of 'Indian origin' and 'Overseas Corporate Body' are included.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Mutual fund issuance to NRIs: permitted with repatriation and remittance conditions for subscription and payout proceeds.
Mutual funds are permitted to issue units to NRIs and OCBs and to remit units abroad or make repurchase payments provided they comply with SEBI conditions and that subscription monies are received by inward remittance or debited to authorised non-resident accounts. Distinct rules govern investments on repatriation and non-repatriation bases, and dividend, interest and maturity proceeds must be remitted or credited to specified types of non-resident accounts consistent with the investment basis. Definitions of "Indian origin" and "Overseas Corporate Body" are included.
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