Friday, October 30, 2015

Subscription to National Pension System by NRIs

It has been decided, to enable National Pension System (NPS) as an investment option for NRIs under FEMA, 1999. Accordingly, NRIs may subscribe to the NPS, provided such subscriptions are made through normal banking channels and the person is eligible to invest as per the provisions of the PFRDA Act.

The subscription amounts shall be paid by the NRIs either by inward remittance or out of funds held in their NRE/FCNR/NRO account. There shall be no restriction on repatriation of the annuity/ accumulated savings.

Based on RBI Circular dt 29/10/15. Please visit www.rbi.org.in for any further clarification if required…..Poppy