Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2012
RESERVE BANK OF INDIA Notification No. FEMA.236/2012-RB September 25, 2012 Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2012 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA 20/2000-RB dated 3rd May 2000) namely:- 1. Short Title and Commencement (i) These Regulations may be called the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2012. (ii) They shall be deemed to have come into effect from the 15th day of September 2011@. 2. Amendment to the Regulations In the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000, in Regulation 10, in sub-Regulation A, in clause (a), for sub-clause (e), the following shall be substituted, namely : " e. The value of security to be transferred by the donor together with any security transferred to any person residing outside India as gift during the financial year does not exceed the rupee equivalent of US $ 50,000." (Rudra Narayan Kar) Footnote:- 1. @ It is clarified that no person will be adversely affected as a result of retrospective effect being given to these regulations. 2. The Principal Regulations were published in the Official Gazette vide G.S.R. No. 406(E) dated May 8, 2000 in Part II, Section 3, sub-section (i) and subsequently amended as under: G.S.R.No. 158(E) dated 02.03.2001
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