13 July, 2015
Press Note 7 of 2015 dated June 3, 2015 has been issued to amend the definition of a 'Non-Resident Indian' (NRI) under Para 2.1.27 of the Consolidated FDI Policy Circular of 2015 (FDI Policy) to mean an individual resident outside India who is a citizen of India or is an 'Overseas Citizen of India' (OCI) cardholder within the meaning of Section 7 of the Citizenship Act, 1955. Further,'Persons of Indian Origin' registered under notification no. 26011/4/98 F.I. dated August 19, 2002 issued by the Government of India,will be deemed to be OCI cardholders. The press note further provides that any investment made by an NRI under Schedule 4 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, will be deemed to be a domestic investment.
For further information, please contact:
Abhishek Saxena, Partner, Phoenix Legal