Reserve Bank
of India
Exchange Control Departemnt
Central Office
Mumbai-400 001
Notification No.FEMA.79/2002-RB
January 15,
2003
Foreign Exchange
Management (Transfer or Issue of any
Foreign Security) (Seventh Amendment) Regulations, 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 3rd
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 :-
1. Short
title and Commencement
(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.
2. Amendment
of the Regulations
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.
G.S.R.34(E)
K. J. Udeshi
Executive Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 16.01.2003 - G.S.R.No.34(E)
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