Supreme Court: VAT is Not Applicable on Reliance’s Inter-State Gas Supply from KG Basin to UP  ||  Supreme Court: Co-Owner Can File Eviction Suit as Landlord under Bombay Rent Act  ||  Supreme Court: Mediclaim Reimbursement Cannot be Set off Against Accident Compensation  ||  SC: Hindu Succession Act 2005 Amendment Does Not Curtail Daughters’ Existing Inheritance Rights  ||  SC: Loans May be Treated as Deposits under MPID Act, Private Individuals as Financial Establishments  ||  Supreme Court: Preventive Detention Unwarranted When Ordinary Law Suffices to Maintain Order  ||  Supreme Court: Tenant’s Defence Cannot be Struck off Without Checking Wilful Rent Default  ||  Allahabad High Court: Disposing Non-Veg Food in Ganga May Hurt Hindu Religious Sentiments  ||  J&K&L High Court: Similarity With Police Dossier Alone Not Enough to Quash Preventive Detention  ||  Patna High Court: Convict on Bail Can Still Seek Premature Release    

Issuance of partly paid units to persons residing outside India by investment vehicles under Foreign Exchange Management (Non-debt Instruments) Rules, 2019- (Reserve Bank of India) (21 May 2024)

MANU/APDR/0009/2024

Banking

1. Attention of Authorised Dealer (AD) Category - I banks is invited to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, notified by the Central Government on October 17, 2019, which have been amended through the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2024 vide S.O. 1361(E), dated March 14, 2024, enabling issuance of partly paid units to persons resident outside India by investment vehicles.

2. In this regard, it has been decided to regularise the issuances of partly paid units by Alternative Investment Funds to persons resident outside India prior to the said amendment through compounding under Foreign Exchange Management Act, 1999. However, before approaching the Reserve Bank for compounding, AD Category-I banks may ensure that the necessary administrative action, including the reporting of such issuances by Alternative Investment Funds to the Reserve Bank, through Foreign Investment Reporting and Management System (FIRMS) Portal and issuing of conditional acknowledgements for such reporting, is completed.

3. AD Category-I banks may bring the contents of this circular to the notice of their customers/constituents concerned.

4. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

Tags : ISSUANCE   PARTLY PAID UNITS   RULES  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved