Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Twelfth Amendment) Regulations, 2013 - આરબીઆઈ - Reserve Bank of India
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Twelfth Amendment) Regulations, 2013
RESERVE BANK OF INDIA Notification No.FEMA.285/2013-RB Dated : August 30, 2013 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) 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), (hereinafter referred to as 'the principal Regulations,' namely:- 1. Short Title & Commencement:- (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by A Person Resident Outside India) (Twelfth Amendment) Regulations, 2013. (ii) They shall be deemed to have come into force from August 22, 2013.@ 2. Amendment to Regulation 14 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), in Regulation 14, in sub-regulation1, a. in clause (i), in sub-clause a), the words, “Company shall be considered ‘Controlled' by resident Indian citizens if the residents Indian citizens and Indian companies, which are owned and controlled by resident Indian citizens, have the power to appoint a majority of its directors in that company” shall be deleted. b. in clause (i), in sub-clause b, the words, “Company ‘Controlled’ by non-residents means an Indian company where non-residents have the power to appoint a majority of its directors in that company” shall be deleted; c. after clause (i),the following shall be added, namely; “(ia) ’Control’ shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements.” 3. Amendment to Schedule 1 For the existing Annex B, new “Annex B” shall be substituted. (C.D. Srinivasan) Foot Note:- (ii) 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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