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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations 2016

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2016 - FEMA - 361/2016-RB - Dated:- 15-2-2016 - RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION No.FEMA.361/2016-RB Mumbai, the 15th February , 2016 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2016 G.S.R. 165 (E).-In exercise of the powers conferred by clause (b) of sub .....

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t outside India) (Amendment) Regulations, 2016. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment of the Regulation In the Foreign 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), A. In Regulation 2, the existing clause (viia) shall be substituted, namely: (viia) Non-Resident Indian (NRI) means an individual resident outside India .....

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ect to the terms and conditions specified in Schedule 4. C. Schedule 3 shall be substituted, namely Schedule-3 [See Regulation 5(3) (i)] Acquisition of Securities or Units by a Non-Resident Indian (NRI) on a Stock Exchange in India on Repatriation basis under the Portfolio Investment Scheme 1. A Non-resident Indian (NRI) may purchase or sell shares, convertible preference shares, convertible debentures and warrants of an Indian company or units of an investment vehicle, on repatriation basis, on .....

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preference shares or convertible debentures of any series purchased by any individual NRI on repatriation basis should not exceed five percent of the paid-up value of convertible preference shares or convertible debentures of that series issued by the company concerned; d. the paid-up value of warrants of any series purchased by any individual NRI on repatriation basis should not exceed five percent of the paid-up value of warrants of that series issued by the company concerned; e. the aggregat .....

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to in this clause may be raised to twenty-four per cent if a special resolution to that effect is passed by the General Body of the Indian company concerned; f. The NRI investor should take delivery of the shares/convertible preference shares/ convertible debentures /warrants and units purchased and give delivery of the same when sold; g. The investment shall be subject to the provisions of the FDI policy and Schedule 1 of these Regulations in respect of sectoral caps wherever applicable. Explan .....

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. An NRI may open a designated NRE account (opened and maintained by Authorised Dealer bank in terms of the Foreign Exchange Management (Deposit) Regulations, 2000) for the purpose of investment under this scheme with a designated branch of an Authorized Dealer bank referred to in paragraph 1, for routing the receipt and payment for transactions relating to sale and purchase of shares /convertible preference shares/ convertible debentures/ warrants/ units under this Schedule. The designated acco .....

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ia, do not get credited in the NRE (PIS) Account and vice-versa. 4. Permitted Credits/ Debits in NRE(PIS)account Credits a. Inward remittances in foreign exchange though normal banking channels; b. Transfer from the NRI s other NRE accounts or FCNR (B) accounts maintained with Authorised Dealer in India; c. Net sale proceeds (after payment of applicable taxes) of shares / convertible preference shares /convertible debentures /warrants/ units acquired on repatriation basis under the Scheme and so .....

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emittances outside India or transfer to NRE / FCNR (B) accounts of the account holder of the NRI or any other person eligible to maintain such account. 5. Saving The existing NRO (PIS) accounts may be re-designated as NRO account. D. Schedule 4 shall be substituted, namely Schedule-4 [See Regulation 5(3) (ii)] Acquisition of Securities or units by a Non-Resident Indian (NRI), on Non-Repatriation basis Permission to purchase 1. A Non-resident Indian (NRI), including a company, a trust and a partn .....

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tside it. b. An NRI may invest, on non-repartition basis, in units issued by an investment vehicle without any limit, either on the stock exchange or outside it. c. An NRI may contribute, on non-repatriation basis, to the capital of a partnership firm, a proprietary firm or a Limited Liability Partnership without any limit. Explanation: Investment Vehicles and Units and shall have the same meaning as defined in sub-regulation (ii g) and (xi A) of Regulation 2 of these Regulations. Prohibition on .....

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