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

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....ndian on non-repatriation  basis Attention of Authorised 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 Ou....

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....e Registrar of Chits or an officer authorised by the State Government 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 a....