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Review of FDI Policy on investments by Non Resident Indians (NRIs), Person of Indian Origins (PIOs) and Overseas Citizens of India (OCIs).

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.
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