With effect from June 18, 2015, the following changes under the FDI Policy will be made applicable in relation to the investments by NRIs, PIOs and OCIs:
- Revised definition of Non Resident Indians (NRIs)- As per clause 2.1.27 of the FDI Policy, NRI means an individual resident outside India who is a citizen of India or an ˜Overseas Citizen of India™ cardholder within the meaning of section 7(A) of the Citizenship Act, 1955. ˜Person of Indian Origins™ cardholder registered as such under Notification No. 26011/4/98 F.I. dated 19.08.2012, issued by the Central Government are deemed to be the OCI card holders.
- Investment by NRIs under schedule 4 of FEMA (Transfer 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.
- The words NRI/PIO appearing in the FDI Policy will deemed to be having the same meaning as provided in the definition of NRI.