Foreign Exchange Management Act Notification

Corrigendum

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Foreign Exchange Management (Transfer or Issue of
Security by a Person Resident outside India) (Second Amendment)
Regulations, 2002

Reserve Bank of India
Exchange Control Department
Central Office
Mumbai-400 001

Notification No. FEMA/76 /2002-RB

dated 12th November 2002

Foreign Exchange Management ( Transfer or Issue of
Security by a Person Resident outside India)( Second Amendment)
Regulations, 2002

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:-

1. Short title and commencement:-

(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations 2002.

(ii) They shall come into force on their publication in the official gazette.

2. Amendment of the Regulation

(i) In Regulation 6, the following may be added as sub-Regulation (2)(ii):-

' The existing non-resident shareholders may apply for issue of additional shares, and the investee company may allot the same subject to the condition that the overall issue of shares to non-residents in the total paid-up capital does not exceed the sectoral cap'.

(ii) The existing sub-regulation 2(ii) and 2(iii) of Regulation 6, may be renumbered as Sub-Regulation 2(iii) and 2(iv) respectively.

G.S.R.223(E)

K.J.Udeshi
Executive Director

Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 18.03.2003 - G.S.R.No.223(E)


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