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July 2015

DIPP – Press Note No. 7 (2015 Series) dated June 3, 2015

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Review of Foreign Direct Investment (FDI) Policy on Investments by Non-Resident Indians (NRIs), Person of Indian Origin (PIOs) and Overseas Citizens of India (OCIs)

This Press Note has made the following two amendments to the Consolidated FDI Policy issued on May 12, 2015, with effect from June 18, 2015: –

(i) Para 2.1.27 is amended to read as below:
‘Non-Resident Indian’ (NRI) means an individual resident outside india who is a citizen of Indian or is an Overseas Citizen of India cardholder within the meaning of section 7 (A) of the citizenship Act, 1995. ‘Person of indian origin cardholders registered as such under notification No. 26011/4/98 F.I, dated 19.8.2008, issued by the Central Government are deemed to be ‘Overseas Citizen of India’ Card holders.

(ii) Insertion of a new para 3.6.2(vii), after a para 3.6.2(vi) of the consolidated FDI policy Circular of 2015:

Investment by NRIs under Schedule 4 of FEMA ( Transer or issue of security by persons Resident Outside India) Regulations will be deemed to be domestic investment at par with the investment made by residents.

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