Reserve
Bank of India
Exchange
Control Department
Central
Office
Mumbai – 400
001
Notification
No. FEMA 106 /2003-RB Dated
the 27th October 2003 Foreign
Exchange Management (Transfer or issue of Security by a
Person
Resident outside India)(Fourth Amendment) Regulations, 2003 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), and
in partial modification of its Notification No: FEMA 20/2000-RB dated 3rd
May 2000, the Reserve Bank of India makes the following Regulations to amend the
Foreign Exchange Management (Transfer or issue of Security by a Person Resident
outside India) Regulations, 2000, namely:- Short
title and Commencement
1. (i) These Regulations may be called the Foreign Exchange Management (Transfer
or issue of Security by a Person Resident outside India) (Fourth Amendment) Regulations,
2003.
(ii) They shall come into force from the date of their publication in the Official
Gazette. Amendment
of the Regulations - In
the Foreign Exchange Management (Transfer or issue of Security by a Person Resident
outside India) Regulations, 2000, in Schedule 5,
(a) in paragraph 2, after sub-paragraph (2), the following sub-paragraph shall
be added, namely:-
'(3)
A Multilateral Development Bank which is specifically permitted by Government
of India to float rupee bonds in India may purchase Government dated securities.'
(b) In paragraph 3, after sub-paragraph (3) the following sub-paragraph shall
be added, namely :-
'(4)
A Multilateral Development Bank which purchases Government dated securities under
this Schedule, shall make payment either by inward remittance through normal banking
channels or out of funds held in the account opened with the specific approval
of RBI.'
- in
paragraph 5, after clause (ii), the following clause shall be added, namely :-
'(iii) in the case of sale
of Government dated securities by a Multilateral Development Bank, the net maturity
proceeds ( after payment of taxes ) may be remitted abroad or credited to fund
account opened with the prior permission of the Reserve Bank'.
(Usha
Thorat)
Executive
Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 22.11.2003 - G.S.R.No.899(E)
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