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Report No. 276

5. Foreign Exchange Management Act, 1999

5.12 Remittances of Income from lottery winnings, racing/riding, sweepstakes etc. are prohibited under the Act, 1999 read with Rule 3 and Schedule 1 of the Foreign Exchange Management (Current Account Transaction) Rules, 2000.

5.13 The Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 201794 and the Consolidated Foreign Direct Investment (FDI) Policy, 201795 issued by the Government of India, vide clause 5.1(a) prohibit both, "Foreign Direct Investment" and "investment by a person resident outside India" in entities conducting "lottery Business including Government/private lottery, online lotteries etc." and "Gambling and Betting including casinos etc." by clause 5.1(b).

The Consolidated FDI Policy and the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 are reflective of the National Policy of India in matters pertaining to foreign direct investment and investment by a person resident outside India. Similarly, collaborations in foreign technology in any form whatsoever, for the purposes of gambling and betting activities is also prohibited under clause 5.1.



Legal Framework - Gambling and Sports betting including Cricket in India Back




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