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RBI, vide circular dated May 21, 2024, has decided to regularize the issuances of partly paid units by AIFs to foreign residents prior to the FEM (Non-debt Instruments) (Second Amendment) Rules...
RBI, vide circular dated May 21, 2024, has decided to
regularize the issuances of partly paid units by AIFs to foreign
residents prior to the FEM (Non-debt Instruments) (Second
Amendment) Rules, 2024. This regularization is proposed to be done
through the compounding process under the Foreign Exchange
Management Act, 1999. Before approaching the RBI for compounding,
AD Category-I banks are required to ensure that AIFs have completed
the necessary administrative actions. These actions include
reporting such issuances to the RBI via the Foreign Investment
Reporting and Management System Portal and issuing conditional
acknowledgements for the reports.
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