|
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)
|
|