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Amendments in the FEMA (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 - 045/2001 - Foreign Exchange ManagementExtract Amendments in the FEMA (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 Reserve Bank of India Exchange Control Department Central Office Mumbai-400 001 Notification No. FEMA. 45 /2001-RB dated September 20, 2001 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 19.08.2002 - G.S.R. No. 574(E) 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 3 rd 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:- 1. (1) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2001. (2) They shall come into force with immediate effect. 2. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, in Schedule 2, in paragraph (1), in sub-paragraph (4), for the proviso, the following proviso shall be substituted, namely: 'Provided that the limit of 24% referred to in this paragraph may be increased up to the sectoral cap/statutory ceiling, as applicable, by the Indian company concerned by passing a resolution by its Board of Directors followed by passing of a special resolution to that effect by its General Body.' ( K. J. Udeshi) Executive Director
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