TMI BlogFEMA (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) (THIRD AMENDMENT) REGULATIONS, 2012 – AMENDMENT IN REGULATION 9, SCHEDULES 1 & 4X X X X Extracts X X X X X X X X Extracts X X X X ..... n Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 ( Notification No. FEMA 20/2000-RB, dated 3rd May, 2000 ), namely: - Short Title Commencement 1. (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Third Amendment) Regulations, 2012. (ii) Save as otherwise provided in these Regulations, the provisions of these Regulations shall come into force from the date of the Consolidated FDI Policy Circular No. 1 of 2011 i.e., March 31, 2011, issued by the Department of Industrial Policy and Promotion, Government of India. Amendment of Regulation 9 2. In the Foreign Exchange Management (T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "(iii) against import of capital goods by units in SEZs, subject to the valuation by a Committee consisting of Development Commissioner and the appropriate Customs officials." (C) for the existing paragraph 3, the following paragraph shall be substituted:- "3. An Indian company intending to issue shares to a person resident outside India in accordance with these Regulations directly against foreign inward remittance (or by debit to NRE account/FCNR account) or against consideration other than inward remittance i.e., against royalty/lump sum fee due for payment/import of capital goods by units in SEZs/ECBs (excluding those deemed as ECBs) shall obtain prior approval of the Foreign Investment-Promotion Board (FIPB) of Government of Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Business or Construction of Farm Houses; viii. Manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes; and ix. Activities/sector not opened to private sector investment e.g. Atomic Energy and Railway Transport (other than Mass Rapid Transport Systems). Foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract is also prohibited for Lottery Business and Gambling and Betting activities. Amendment of Schedule 4 4. In Schedule 4, in paragraph 2 , the following shall be deleted: " Provided that the person to whom the shares are being transferred, shall obtain prior permission of the Central Government to acquire the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 130.03.2001 GSR No. 182(E) dated 14.03.2001 GSR No. 4(E) dated 02.01.2002 GSR No. 574(E) dated 19.08.2002 GSR No. 223(E) dated 18.03.2003 GSR No. 225 dated 18.03.2003 GSR No. 558(E) dated 22.07.2003 GSR No. 835(E) dated 23.10.2003 GSR No. 899(E) dated 22.11.2003 GSR No. 12(E) dated 07.01.2004 GSR No. 278(E) dated 23.04.2004 GSR No. 454(E) dated 16.07.2004 GSR No. 625(E) dated 21.09.2004 GSR No. 799(E) dated 08.12.2004 GSR No. 201(E) dated 01.04.2005 GSR No. 202(E) dated 01.04.2005 GSR No. 504(E) dated 25.07.2005 GSR No. 505(E) dated 25.07.2005 GSR No. 513(E) dated 29.07.2005 GSR No. 738(E) dated 22.12.2005 GSR No. 29(E) dated 19.01.2006 GSR No. 413(E) dated 11.07.2006 GSR No. 712(E) dated 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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