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Can NRIs Invest In Chit Funds In India?
Among the various invest options that are currently available, we have the chit funds. After the recent Saradha chit fund scam, chit funds are looked upon as a risky way to invest.
Interestingly, like domestic residents Non Resident Indians (NRIs) have been allowed to invest in chit funds in India.
For example, the investment will come in the basis of non repatriation. What this means that if NRIs invest in chit funds, they would not be allowed to repatriate the money. So, in case of an emergency they cannot send the money back to their country of residence.
The other thing that Non Resident Indians should note is that there is no limit. So, one can invest any amount during the course of the year.
The subscription by them for such fund must come through a proper banking channel, where the concerned NRI maintains an account.
The recent move by the RBI will help increase forex inflows into the country.
Chit funds in India have always been a slightly difficult investment proposition because they are considered as risky investment after want happened in the Saradha Chit Fund scam in Bengal where it was estimated that as many as 17 lakh investors lost their money.
However, in India the chit funds are regulated by the state governments. It is estimated that the size of the chit funds business in India is a sizeable to the tune of Rs 10,000 crores.
Estimates suggest that there are as many as 10,000 registered chit funds in the country.
To know more about chit funds in India and how they work click here
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