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November 2015

Notification No. FEMA. 353 /2015-RB dated 6th October, 2015

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2015

This Notification has amended Schedule 5 of Notification No. FEMA 20/2000-RB dated 3rd May 2000 as under: –

(A) in paragraph 2,
(i) the existing sub-paragraph (3) shall be re-numbered as Paragraph 2C (ii) after the existing sub-paragraph (2), the following shall be added namely: –
“(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 repatriable.”
(iii) after adding sub-paragraph (3) in paragraph 2, the existing paragraph 2C shall be re-numbered as sub-paragraph (4) in Paragraph 2.

(B) In paragraph 3, after the existing sub-paragraph (2), the following shall be inserted namely: –
“(2A) A non-resident Indian who subscribes to the National Pension System, under sub-paragraph (3) of paragraph (2) of this Schedule shall make payment either by inward remittance through normal banking channels or out of funds held in his NRE/FCNR/NRO account.”

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