RBI allows NRIs to invest in chit fundsJune 11, 2015
The Reserve Bank today allowed non-resident Indians (NRIs) to invest in chit funds on non-repatriation basis without any ceiling, a move that will encourage flow of capital into the country.
However, the subscription to the chit funds should be brought in through normal banking channel, including through an account maintained with a bank in India.
Earlier in May 2000, non-residents were barred from investing in a company or firms engaged in the business of chit fund.
Revising the extant guidelines for subscription to the chit funds, RBI said: “It has been decided to permit NRIs to subscribe to the chit funds, without limit, on non-repatriation”.
It further said the Registrar of Chits or an officer authorised by the State Government may permit any chit fund to accept subscription from NRIs on non-repatriation basis.
RBI said the revision in the guidelines were made in consultation with the government.
- EAM Jaishnkar lays foundation of Sardar Patel Center for Empowerment and Livelihoods near Statue of Unity site in Gujarat
- If need arise, India will send aircraft to bring Indians back from Corona virus hit areas in China: EAM Jaishankar in Gujarat
- ACB nabs 3 including Sarpanch and woman Talati in Central Gujarat red handed taking bribe
- Bharatiya Chitra Sadhna to organize Chitra Bharti Film Festival in Ahmedabad during 21-22-23 February
- 3rd largest global pizza chain Little Caesars enters India through Gujarat with its first vegetarian store
- Reliance Jewels adds to New Year festivities with Bella collection and Special Offers