The extent of 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.
Foreign Exchange Management (Export and import of currency) Regulations, 2015
RBI vide FEMA NOTIFICATION NO 6 /RB-2015, Dated: December 29, 2015 notified that,
A person may –
a) send into India without limit foreign exchange in any form other than currency notes, bank notes and travelers cheques;
b) bring into India from any place outside India without limit foreign exchange (other than unissued notes),
provided that bringing of foreign exchange into India under clause b) shall be subject to the condition that such person makes, on arrival in India, a declaration to the Custom authorities in Currency Declaration Form (CDF) annexed to these Regulations;
provided further that it shall not be necessary to make such declaration where the aggregate value of the foreign exchange in the form of currency notes, bank notes or traveler’s cheques brought in by such person at any one time does not exceed US$10,000 (US Dollars ten thousands) or its equivalent and/or the aggregate value of foreign currency notes brought in by such person at any one time does not exceed US$ 5,000 (US Dollars five thousands) or its equivalent.