(Updated in 2025) As Amended by S.O. 2549(E)., dt. 11/06/2025 - Amendments in Rule 7(1), Rule 7(2) S.O. 3492(E)., dt. 16/08/2024 - Amendments in Rule 2(da), 2(an), Rule 9(1)(i), Rule 9A, Rule 23(7)(d), 23(i), Schedule I(1)(d), Paragraph (3)(a)(iii), Sl.No. F10, Schedule II(1)(a)(ii) and Schedule VII(1)(iii) S.O. 1722(E)., dt. 16/04/2024 - Amendment in Schedule I S.O. 1361(E)., dt. 14/03/2024 - Amendment in Rule 2 (aq) S.O. 332(E)., dt. 24/01/2024 - Amendments in Rule 2(aaa), 2(ag), 2(aka), Chapter X and Schedule XI S.O. 1802(E)., dt. 12/04/2022 - Amendments in Rule 2(e), 2(k), 2(s), 2(y), 2(ama), 2(ana), Rule 8, Rule 19(1), 19(2) and Schedule I S.O. 4242(E) dt.12/10/2021 S.O. 4091(E) 05/10/2021 S.O. 3411(E) dt.19/08/2021 S.O. 3206(E) dt.06/08/2021 S.O. 4441 (E) dt.08/12/2020 S.O. 2442 (E) dt.27/07/2020 S.O. 1374(E) dt. 27/04/2020 S.O. 1278 (E) dt.22/04/2020 and S.O. 4355(E) dt.05/12/2019 MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 17th October, 2

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S.Rule 1 Short title and commencement.--

S.Rule 2 Definitions.--

S.¹[Rule 2A Reserve Bank to administer these rules.--

S.Rule 3 Restriction on investment in India by a person resident outside India.--

S.Rule 4 Restriction on receiving investment.--

S.Rule 5 Permission for making investment by a person resident outside India.--

S.Rule 6 Investments by person resident outside India.---

S.Rule 7 Acquisition through rights issue or bonus issue.--

S.¹[Rule 7A Acquisition after renunciation of rights.--

S.¹[Rule 8 Issue of Employees Stock Options, sweat equity shares and Share Based Employee Benefits to persons resident outside India.--

S.Rule 9 Transfer of equity instruments of an Indian company by or to a person resident outside India.--

S.¹[Rule 9A Swap of equity instruments and equity capital.--

S.Rule 10 Investment by FPI.--

S.¹[Rule 11 Transfer of equity instruments of an Indian company by FPI.--

S.Rule 12 Investment by NRI or OCI.--

S.Rule 13 Transfer of equity instruments by NRI or OCI.--

S.Rule 14 Investment in securities by other non-resident investors.--

S.Rule 15 Transfer of securities by other non-resident investors.--

S.Rule 16 Investment by FVCI.--

S.Rule 17 Transfer of equity instruments of an Indian company by or to a FVCI.--

S.Rule 18 Issue of Convertible Notes by an Indian startup company.--

S.Rule 19 Merger or demerger or amalgamation of Indian companies.--

S.Rule 20 Reporting requirements.--

S.Rule 21 Pricing guidelines.--

S.Rule 22 Taxes and remittances of sale proceeds.--

S.Rule 24 Acquisition and transfer of property in India by a NRI or an OCI.--

S.Rule 25 Joint acquisition by the spouse of a NRI or an OCI.--

S.Rule 26 Acquisition of immovable property for carrying on a permitted activity.--

S.Rule 27 Purchase or sale of immovable property by Foreign Embassies or Diplomats or Consulate Generals.--

S.Rule 28 Acquisition by a long-term visa holder.--

S.Rule 29 Repatriation of sale proceeds.--

S.Rule 30 Prohibition on transfer of immovable property in India.--

S.Rule 31 Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries.--

S.Rule 32 Miscellaneous.--

S.Rule 33 Savings.--

S.Rule 34 Investment by permissible holder.--

S.SCHEDULE II

S.SCHEDULE III

S.SCHEDULE IV

S.SCHEDULE V

S.SCHEDULE VI

S.SCHEDULE VII

S.SCHEDULE VIII

S.SCHEDULE IX

S.SCHEDULE X

S.SCHEDULE XI

S.Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2022 All Amendments Incorporated at Appropriate place

S.Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2024 All Amendments Incorporated at Appropriate place

S.Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2024 All Amendments Incorporated at Appropriate place

S.Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2024 All Amendments Incorporated at Appropriate place

S.Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2024 All Amendments Incorporated at Appropriate place

S.Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2025 All Amendments Incorporated at Appropriate place

S.Rule 23 Downstream investment.--

S.SCHEDULE I