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NRIs/PIOs/OCBs/ are permitted to open bank accounts in India out of funds remitted from abroad, foreign exchange brought in from abroad or out of funds legitimately due to them in India, with authorised dealer.
Reserve Bank has granted general permission to NRIs/PIOs, for undertaking direct investments in Indian companies, under the Automatic Route purchase of shares under Portfolio Investment Scheme, investment in companies and proprietorship/partnership concerns on non-repatriation basis and for remittances of current income. NRIs/PIOs do not have to seek specific permission for approved activities under these schemes.
Direct Investment Opportunities Available to NRIs/PIOs/OCBs
1. Automatic Route Of RBI With Repatriation Benefits: NRIs/OCBs can invest in shares/convertible debentures of Indian companies under the Automatic Route without obtaining Government or RBI permission except for a few sectors where FIPB/SIA permission is necessary, or where the investment can be made only up to a certain percentage of paid up capital.
2. Investment With Government Approval: Investments not eligible under the Automatic Route, are considered by the Foreign Investment Promotion Board(FIPB) a high Powered inter-ministerial body under the chairmanship of Secretary, Department of Industrial Policy & Promotion, SIA, subject to sectoral limits/norms. These investments also enjoy full repatriation benefits.
3. Other Investments With Repatriation Benefits:
