Circular

NTF. NO. FEMA 79/2002-RB, DT. 15/01/2003

Document type: Circular
Dated: 25 Apr 2012
Category: Notifications Under FEMA

Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2003

Notification No. FEMA. 79/2002-03-RB, Dt. 15/01/2003

Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2003

G.S.R. 34(E). -- In exercise of the powers conferred by clause (a) of Sub.-section (3) of Section 6, and Sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in partial modification of its Notification No. FEMA-19/RB-2000 dated May 3, 2000, the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations; 2000, namely: -

1. Short Title and Commencement:

(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2003.

(ii) They shall come into force on their publication in the Official Gazette.

2. Amendment of the Regulations:

In the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000, in Regulation 6, in sub-regulation (2):

(a) in clause (i) for the proviso, the following proviso shall be substituted, namely:-

"Provided that in respect of commitment in Joint Ventures/Wholly Owned Subsidiaries in Myanmar and SAARC countries (other than Nepal, Bhutan and Pakistan) the total commitment shall not exceed US $ 150 million or equivalent in any one financial year."

(b) in clause (ii), for the words and figures "Rupees 350 crores" the words and figures "Rupees 700 crores" shall be substituted.

Sd/-
K. J. Udeshi,
Executive Director

Foot-note: The Principal Regulations were published in the Official Gazette vide No. G.S.R. 456(E) dated 08-05-2000 in Part II, Section 3, Sub-section (i) and subsequently last amended vide No. G.S.R. 475(E) dated 14th April, 2002.

(Above Foot Note has been added vide Corrigendum G.S.R. 121(E)-RB, DT. 06/02/2004)

(Please refer Cir. No. 08/2003-04-RB, Dt. 16/08/2003)

NTF. NO. FEMA 79/2002-RB, DT. 15/01/2003

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