Permission granted to subscribe to chit funds by NRIs without limit on non-repatriation basis subject to some specified conditions.

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....rised Dealers Category - I (AD Category - I) banks is invited to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations 2000, notified vide Notification No. FEMA 1/2000 - RB dated May 3, 2000 , as amended from time to time and Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified vide Notification ....

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....ment in accordance with the pro visions of the Chit Fund Act in consultation with the State Government concerned, may permit any chit fund to accept subscription from Non - Resident Indians on non - repatriation basis; ii. The subscription to the chit funds shall be brought in through normal banking channel, including through an account maintained with a bank in India. 4. AD Category - I banks m....