The Reserve Bank of India (RBI) vide notification dated January 12, 2018 has updated the Master Direction on Foreign investment in India. These directions deals with a person resident outside India may hold, own, transfer or invest in a security in India if such security was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India. Such investment will be held by such person on a non-repatriable basis.
[RBI/FED/2017-18/60 FED Master Direction No. 11/2017-18]