FDI by Citizen/Entity incorporated in Bangladesh - ആർബിഐ - Reserve Bank of India
FDI by Citizen/Entity incorporated in Bangladesh
RBI/2007-2008/215 December 19, 2007 To All Category - I Authorised Dealer banks Madam / Sir, Foreign Direct Investment by citizen / entity incorporated in Bangladesh 2. In terms of sub-regulation (1) of Regulation 5 of the Notification ibid, a person resident outside India (other than a citizen of Bangladesh or Pakistan) or an entity incorporated outside India (other than an entity in Bangladesh or Pakistan), may purchase shares or convertible debentures of an Indian company under Foreign Direct Investment Scheme, subject to the terms and conditions specified in Schedule I to the Notification No. FEMA 20. The Reserve Bank has since amended the Regulations and notified vide FEMA Notification No. 167 dated October 23, 2007 (copy enclosed). 3. Accordingly, a person who is a citizen of Bangladesh or an entity incorporated in Bangladesh may, with the prior approval of the Foreign Investment Promotion Board of the Government of India, purchase shares and convertible debentures of an Indian company under Foreign Direct Investment Scheme, subject to the terms and conditions specified in Schedule 1 to Notification No. FEMA 20 / 2000 -RB dated May 3, 2000 as amended from time to time. Yours faithfully, (Salim Gangadharan) Reserve Bank of India Notification No. FEMA. 167/2007-RB Dated October 23, 2007 Foreign Exchange Management (Transfer or Issue of Security by A Person Resident Outside India) (Second Amendment) Regulations, 2007 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:- (ii) This would come into effect from the date of its publication in the official gazette. 2. Amendment to the Regulations:- (ii) Notwithstanding anything contained in sub-regulation (i) above, a person who is a citizen of Bangladesh or an entity incorporated in Bangladesh may, with the prior approval of the Foreign Investment Promotion Board of the Government of India, purchase shares and convertible debentures of an Indian company under Foreign Direct Investment Scheme, subject to the terms and conditions specified in Schedule 1." 2. In Schedule 1, para1 (1) shall be substituted by the following; (Salim Gangadharan) (i) Foot Note: The Principal Regulations were published in the Official Gazette vide G.S.R.No. 406 (E) dated May 3, 2000 in Part II, Section 3, sub-section (i) and subsequently amended as under: G.S.R.No. 158(E) dated 02.03.2001 G.S.R. No. 713(E) dated November 14, 2007 |