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Union of India - Section

Section 1B in The Foreign Exchange Management (Transfer Or Issue Of Security By A Person Resident Outside India) Regulations, 2000

1B. A Non-resident Indian may purchase on repatriation basis perpetual debt instruments eligible for inclusion as Tier I capital and Debt capital instruments as upper Tier II capital issued by banks in India to augment their capital, as stipulated by Reserve Bank from time to time. The investments by all NRIs in Perpetual Debt instruments (Tier I) should not exceed an aggregate ceiling of 24 per cent of each issue and investments by a single NRI should not exceed 5 percent of each issue. Investment by NRIs in Debt capital instruments (Tier II) shall be in accordance with the extant policy for investment by NRIs in other debt instruments.] [Substituted by Notification No. G.S.R. 896 (E) dated 22.8.2008 (w.e.f. 25.1.2006)]

Substituted by Notification No. G.S.R. 896 (E) dated 22.8.2008 (w.e.f. 8.5.2000)
(1) A Non-resident Indian[* * *] [Omitted by G.S.R. 836(E), dated 3.10.2003 (w.e.f. 23.10.2003).]may, without limit, purchase on repatriation basis(i) Government dated securities (other than bearer securities) or treasury bills or units of domestic mutual funds;(ii) bonds issued by a public sector undertaking (PSU) in India;(iii) shares in Public Sector Enterprises being dis-invested by the Government of India provided the purchase is in accordance with the terms and conditions stipulated in the notice inviting bids.
(2)A Non-resident Indian [* * *] [Omitted by G.S.R. 836(E), dated 3.10.2003 (w.e.f. 23.10.2003).] may, without limit, purchase on non-repatriation basis, dated Government securities (other than bearer securities), treasury bills, units of domestic mutual funds, units of Money Market Mutual Funds in India, or National Plan/ Savings Certificates.
(3)[ A Non-Resident Indian may subscribe to National Pension System governed and administered by Pension Fund Regulatory and Development Authority (PFRDA), provided such subscriptions are made through normal banking channels and the person is eligible to invest as per the provisions of the PFRDA Act. The annuity/ accumulated saving will be reparable.] [Added by Notification No. G.S.R. 759(E), dated 6.10.2015 (w.e.f. 8.5.2000).]
(4)[] [Added by G.S.R. 899(E), dated 22.11.2003 (w.e.f. 22.11.2003).] A Multilateral Development Bank which is specifically permitted by Government of India to float rupee bonds in India may purchase Government dated securities.][2-A. Permission to Foreign Central Banks for purchase of Government Securities.-A Foreign Central Bank may purchase and sell dated Government securities/ treasury bills in the secondary market subject to the conditions as may be stipulated by the Reserve Bank from time to time.] [Inserted by G.S.R. 712(E), dated 17.10.2007 (w.e.f. 14.11.2007).]