New Delhi
These changes were made by amending the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, according to the gazette notification issued by the Finance Ministry on August 19, 2021.
“These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2021,” it said. Earlier in March, Parliament passed a bill to raise the foreign direct investment (FDI) limit in the insurance sector from 49 pc to 74 pc. The Insurance Act, 1938 was last amended in 2015, which raised the FDI limit to 49 percent, resulting in a foreign capital inflow of Rs 26,000 crore in the last five years.
There are 24 life insurance companies and 34 general insurance firms operating in the country.
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