TMI BlogForeign Exchange Management (Transfer or Issue of any Foreign Security) (Third Amendment) Regulations, 2008X X X X Extracts X X X X X X X X Extracts X X X X ..... Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Third Amendment) Regulations, 2008 G.S.R.No.209 (E).- 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), the Reserve Bank of India hereby makes the following amendments in the Foreign Excha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e total financial commitment of the Indian Party in Joint Ventures/Wholly Owned Subsidiaries shall not exceed 400% of the net worth of the Indian Party as on the date of the last audited balance sheet". (ii) In sub-regulation (2), in clause (i), in the Explanation, for the words and figures "For the purpose of determining 'total financial commitment' within the limit of 200% or 300% of the net w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lation 6B:- In the principal Regulations, in Regulation 6B, (i) in clause (a), the words and figures " and has in its name share holding of not less than 10% in any listed Indian company as on 1st January of the year of investment" shall be omitted. (ii) in clause (b), in sub clause (i), for the words and figures "35% of the net worth", the words and figures "50 % of the net worth", shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
