The general permission granted by the Reserve Bank would be initially valid for a period of five years. Authorized dealers may themselves renew the permission granted by the Reserve Bank to individual NRIs as well as OCBs for a period of five years at a time.
NRIs and OCBs intending to invest with repatriation benefits should submit their applications through a designated branch of an authorized dealer in Form RPI or RPC, respectively .
The Reserve Bank will grant general permission to the designated branch for the purchase of shares or debentures of Indian companies, securities (other than bearer securities) of the Central or any State Government, and Treasury bills, subject to the conditions that the payment is received through an inward remittance in foreign exchange or by debit to the investor's NRE or FCNR account.
Investment made by any single NRI/OCB investor in equity/preference shares and convertible debentures of any listed Indian company should not exceed 5% of its total paid-up equity or preference capital or 5% of the total paid-up value of each series of convertible debentures issued by it, and NRIs/OCBs take delivery of the shares/convertible debentures purchased and give delivery of the shares/convertible debentures sold under the Scheme.
The general permission granted by the Reserve Bank will be valid initially for a period of five years. Authorized dealers may themselves renew the permission granted by the Reserve Bank to individual NRIs as well as OCBs for a further period of five years at a time. Authorized dealers may note to obtain the latest OAC/OAC 1 certificate from the OCB concerned before renewing the permission.