RESERVE BANK OF INDIA
Foreign Exchange Department
Central Office
Mumbai- 400 001

Notification No. FEMA. 338/2015-RB

Dated March 02, 2015

Foreign Exchange Management (Transfer or Issue of Security by a Person
Resident outside India) (Second Amendment) Regulations, 2015

In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA 20/2000-RB dated 3rd May 2000) namely:-

1. Short Title & Commencement:-

(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Second Amendment) Regulations, 2015.

(ii) They shall come into force from the date of their publication in the Official Gazette.

2. Amendment to Schedule 5

In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA 20/2000-RB dated 3rd May 2000), in Schedule 5, in paragraph 2, after sub-paragraph (2),

1. The existing paragraph 2A starting with the words, “A person resident outside India” and ending with the words........ “from time to time” shall be renumbered as paragraph 2B

2. After paragraph 2B, the following new- sub paragraph shall be added, namely:

“(2C) A Non-resident Indian may, without limit and on non- repatriation basis, subscribe to the chit funds authorised by the Registrar of Chits or an officer authorised by the State Government in this behalf, provided such subscriptions are made through normal banking channels”

(B. P. Kanungo)
Principal Chief General Manager

Foot Note:-

The Principal Regulations were published in the Official Gazette vide G.S.R. No.406 (E) dated May 8, 2000 in Part II, Section 3, sub-Section (i) and subsequently amended as under:-

G.S.R.No. 158(E) dated 02.03.2001
G.S.R.No. 175(E) dated 13.03.2001
G.S.R.No. 182(E) dated 14.03.2001
G.S.R.No. 4(E) dated 02.01.2002
G.S.R.No. 574(E) dated 19.08.2002
G.S.R.No. 223(E) dated 18.03.2003
G.S.R.No. 225(E) dated 18.03.2003
G.S.R.No. 558(E) dated 22.07.2003
G.S.R.No. 835(E) dated 23.10.2003
G.S.R.No. 899(E) dated 22.11.2003
G.S.R.No. 12(E) dated 07.01.2004
G.S.R.No. 278(E) dated 23.04.2004
G.S.R.No. 454(E) dated 16.07.2004
G.S.R.No. 625(E) dated 21.09.2004
G.S.R.No. 799(E) dated 08.12.2004
G.S.R.No. 201(E) dated 01.04.2005
G.S.R.No. 202(E) dated 01.04.2005
G.S.R.No. 504(E) dated 25.07.2005
G.S.R.No. 505(E) dated 25.07.2005
G.S.R.No. 513(E) dated 29.07.2005
G.S.R.No. 738(E) dated 22.12.2005
G.S.R.No. 29(E) dated 19.01.2006
G.S.R.No. 413(E) dated 11.07.2006
G.S.R.No. 712(E) dated 14.11.2007
G.S.R.No. 713(E) dated 14.11.2007
G.S.R.No. 737(E) dated 29.11.2007
G.S.R.No. 575(E) dated 05.08.2008
G.S.R.No. 896(E) dated 30.12.2008
G.S.R.No. 851(E) dated 01.12.2009
G.S.R.No. 341(E) dated 21.04.2010
G.S.R.No. 821(E) dated 10.11.2012
G.S.R.No. 606(E) dated 03.08.2012
G.S.R.No. 795(E) dated 30.10.2012
G.S.R.No. 796(E) dated 30.10.2012
G.S.R.No. 797(E) dated 30.10.2012
G.S.R.No. 945(E) dated 31.12.2012
G.S.R.No. 946(E) dated 31.12.2012
G.S.R.No. 38(E) dated 22.01.2013
G.S.R.No. 515(E) dated 30.07.2013
G.S.R.No. 532(E) dated 05.08.2013
G.S.R.No. 341(E) dated 28.05.2013
G.S.R.No. 344(E) dated 29.05.2013
G.S.R.No. 195(E) dated 01.04.2013
G.S.R.No. 393(E) dated 21.06.2013
G.S.R.No. 591(E) dated 04.09.2013
G.S.R.No. 596(E) dated 06.09.2013
G.S.R.No. 597(E) dated 06.09.2013
G.S.R.No. 681(E) dated 11.10.2013
G.S.R.No. 682(E) dated 11.10.2013
G.S.R.No. 818(E) dated 31.12.2013
G.S.R.No. 805(E) dated 30.12.2013
G.S.R.No. 683(E) dated 11.10.2013
G.S.R.No. 189(E) dated 19.03.2014
G.S.R.No. 190(E) dated 19.03.2014
G.S.R.No. 270(E) dated 07.04.2014
G.S.R.No. 361(E) dated 27.05.2014
G.S.R.No. 370(E) dated 30.05.2014
G.S.R.No. 371(E) dated 30.05.2014
G.S.R.No. 435(E) dated 08.07.2014
G.S.R.No. 400(E) dated 12.06.2014
G.S.R.No. 436(E) dated 08.07.2014
G.S.R.No. 487(E) dated 11.07.2014
G.S.R.No. 632(E) dated 02.09.2014
G.S.R.No. 798(E) dated 13.11.2014
G.S.R.No. 799(E) dated 13.11.2014
G.S.R.No. 800(E) dated 13.11.2014
G.S.R.No. 829(E) dated 21.11.2014
G.S.R.No. 906(E) dated 22.12.2014
G.S.R.No. 914(E) dated 24.12.2014
G.S.R.No. 30(E) dated 14.01.2015