Notification No.FEMA.79/2002-RB

January 15, 2003

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 3^rd May, 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 :-

(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.

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.