Amendment Notification of the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2021 (dated 19/08/2021)– Ministry of Finance

• 20th, August 2021
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Amendment Notification of the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2021 (dated 19/08/2021)– Ministry of Finance

• In the Foreign Exchange Management (Non-debt Instruments) Rules 2019, in Schedule 1, in the Table,-
  • Against Sl. No. F. 2.1, for entry (c), the flowing entry shall be substituted, namely:-

“(c) Applications for foreign direct investment in private banks having joint venture or subsidiary in insurance sector may be addressed to the Reserve Bank for consideration in consultation with the Insurance”.

• Regulatory and Development Authority of India, in order to ensure that the limit of foreign investment applicable for the insurance sector as specified in serial number F. 8.1 and F. 8.2 is not breached.”;
• Against Sl. No. F. 8.1, in column (3), under the heading “Sectoral Cap,” for the entry, the following entry shall be substituted, namely:
• “74%”