Foreign Exchange Management Act Notification

Corrigendum

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Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (Amendment) Regulations, 2005

RESERVE BANK OF INDIA
(FOREIGN EXCHANGE DEPARTMENT)
CENTRAL OFFICE
MUMBAI 400 001

Notification No.FEMA.130/2005-RB

Dated March 17, 2005

Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (Amendment) Regulations, 2005

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 amendments in the Foreign Exchange Management (Transfer or issue of Security by a Person. Resident outside India) Regulations,2000 as amended from time to time, namely:

Short Title & Commencement:-

(i) These Regulations may be called the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (Amendment) Regulations, 2005

(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,

a) in Annexure A to Schedule 1,in para (A),

(i) Item No.1 shall be deleted and the existing items 2 to12 may be renumbered as 1 to 11

(ii) in existing item No.2 the following may be added, namely:

'Natural Gas/LNG Pipelines'

b) in the table shown in Annexure B to Schedule1,

(i) existing item No.5 shall be renumbered as item No. 5(i) and (ii) the following sub-items shall be inserted under the headings Sector, Investment Cap, Description of Activity / Items / Conditions respectively, namely:

(ii) Petroleum Product Marketing

100%

Subject to the existing sectoral policy and regulatory framework in the oil marketing sector.

(iii) Oil Exploration in both small and medium sized fields

100%

Subject to and under the policy of Government on private participation in -

(a) exploration of oil and

(b) the discovered fields of national oil companies.

(iv) Petroleum Product Pipelines

100%

Subject to and under the Government Policy and regulations thereof.

(iii) after item No.21, under the headings Sector, Investment Cap, Description of Activity /items / Conditions, the following shall be inserted respectively, namely:

22. Air Transport Services (Domestic Airlines)

100% for NRIs

49% for others

No direct or indirect equity participation by foreign airlines is allowed

( F. R. Joseph )
Chief General Manager

Footnote: The Principal Regulations were published in the Official Gazette vide G.S.R.No.406 (E) dated May 8,2000 in Part II, Section 3, sub-section(i) and subsequently amended as under:

G.S.R.No.158 (E) dated 02.03.2001
G.S.R.No.175(E) dated 13.03.2001
G.S.R.No.182(E) dated 14.03.2001
G.S.R.No.4(E) dated 02.01.2002
G.S.R.No.574(E) dated 19.08.2002
G.S.R.No.223(E) dated 18.03.2003
G.S.R.No.225(E) dated 18.03.2003
G.S.R.No.558 (E) dated 22.07.2003
G.S.R.No.835(E) dated 23.10.2003
G.S.R.No.899(E) dated 22.11.2003
G.S.R.No.12(E) dated 07.01.2004
G.S.R.No.278(E) dated 23.04.2004
G.S.R.No.625(E) dated 21.09.2004
G.S.R.No.799(E) dated 08.12.2004
G.S.R.No.201(E) dated 01.04.2005

Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 01.04.2005 - G.S.R.No.201(E)

 


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