An NRI returning to India permanently at some time and becoming a resident in India is interested in knowing the types of Foreign Currency Accounts which he can maintain in India. Similarly, he will also be interested in knowing Regulations regarding direct investment in foreign currency securities other than by way of direct investment. The first types of Regulations are contained in Foreign Exchange Management (Foreign Currency Accounts by a person Resident in India) Regulations, 2000. The other set of Regulations regarding an investment by a returning NRI in India becoming a resident or any other resident person abroad are contained in Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000. Both these Regulations came into force from 1.6.2000. The salient features of both these Regulations are analysed in this chapter. (For the latest Regulations please refer to the RBI.) |
