| Date: |
31-03-2016
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| Notification No: |
RBI/2015-16/350 A.P. (DIR Series) Circular No. 58
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2015-16/350 |
| Subject: |
Foreign Direct Investment (FDI) in India – Review of FDI policy –Insurance sector
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RBI/2015-16/350
A.P. (DIR Series) Circular No. 58
March 31, 2016
To
All Authorised Dealer Category – I Banks
Madam/Sir,
Foreign Direct Investment (FDI) in India – Review of FDI policy
–Insurance sector
Attention of Authorised Dealer Category - I (AD Category-I) banks is invited
to the Foreign Exchange Management (Transfer or Issue of Security by a Person
Resident outside India) Regulations, 2000, notified by the Reserve Bank vide
Notification No. FEMA 20/2000-RB dated 3rd May 2000, as amended from time to
time.
- The extant FDI policy for Insurance sector has since been reviewed by the
Government of India and accordingly it has been decided to enhance the limit of
foreign investment in insurance sector from 26 to 49 percent under the automatic
route subject to certain terms and conditions which have been notified through
Notification No. FEMA. 366/2016-RB dated March 30, 2016
- Authorised Dealer banks may bring the contents of this circular to the notice
of their constituents and customers concerned.
- The directions contained in this circular have been issued under section
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and
are without prejudice to permissions / approvals, if any, required under any
other law.
Yours faithfully,
(Shekhar Bhatnagar)
Chief General Manager-in- Charge
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