Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eleventh Amendment) Regulations, 2014 - ಆರ್ಬಿಐ - Reserve Bank of India
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eleventh Amendment) Regulations, 2014
RESERVE BANK OF INDIA Notification No.FEMA. 313/2014-RB Dated July 2, 2014 Foreign Exchange Management (Transfer or Issue of Security by a Person 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 May 3, 2000), namely:- 1. Short Title & Commencement (a) These Regulations may be called the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (Eleventh Amendment) Regulations, 2014. (b) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment to Schedule 5 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 May 3, 2000), in Schedule 5, (A) in paragraph 1, for the words ‘purchase, on repatriation basis, either directly from the issuer of such securities or through a registered stock broker on a recognized Stock Exchange in India the following securities, subject to the terms and conditions as specified by the SEBI and the Reserve Bank from time to time’, the words ‘purchase the following securities on repatriation basis and subject to such terms and conditions as may be specified by the SEBI and the Reserve Bank from time to time’ shall be substituted; (B) in paragraph 1A, in clause (v), for the words ‘on repatriation basis through SEBI registered Qualified Depository Participant(QDP), either directly from the issuer or through a registered broker on recognized Stock Exchange in India the following securities, subject to terms and condition as specified by the SEBI and the Reserve Bank from time to time’, the words ‘the following securities on repatriation basis through SEBI registered Qualified Depository Participant(QDP) and subject to such terms and conditions as may be specified by the SEBI and the Reserve Bank from time to time’ shall be substituted; (C) in paragraph 1B, in clause (iii), for the words ‘on repatriation basis, either directly from the issuer of such securities or through registered stock broker on a recognised Stock Exchange in India, the following securities, subject to the terms and conditions as specified by the SEBI and the Reserve Bank from time to time, namely’, the words ‘the following securities on repatriation basis and subject to such terms and conditions as may be specified by the SEBI and the Reserve Bank from time to time’ shall be substituted; (D) in paragraph 4, for the words “may sell (a) such securities through a registered stock broker on a recognised stock exchange or (b) tender units of mutual funds to the issuer for repurchase or for payment of maturity proceeds or (c) tender Government securities/treasury bills to the Reserve Bank for payment of maturity proceeds” the words ‘may sell/ redeem the securities subject to such terms and conditions as may be specified by the SEBI and the Reserve Bank from time to time’ shall be substituted. (B P Kanungo) Foot Note:- (i) @It is clarified that no person will be adversely affected as a result of the retrospective effect being given to these Regulations. (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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