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TMI BlogForeign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) These rules shall be deemed to have come into force on the 17th October, 2019, except items (i), (ii), (iii), (iv), (v) and (vii) of rule 6 which shall come into force on the date of their publication in the Official Gazette. 2. In the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, (hereinafter referred to as the principal rules), in rule 2,- (i) in clause (ae), the words, brackets and figures "and (iv) mutual funds which invest more than fifty percent in equity governed by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996;" shall be omitted; (ii) in clause (am), the words "and debt" shall be omitted. 3. In the principal rules, in rule 9, in sub-rule (4), the words "on a non-repatriati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able,- (i) against Sl. No. 3.2, in column (2), under the heading Coal and Lignite,- (a) for entry (a), the following entry shall be substituted, namely: "(a) Coal and Lignite mining for captive consumption by power projects, iron and steel and cement units and other eligible activities permitted under and subject to the provisions of the Mines and Minerals (Development and Regulation) Act, 1957 (67 of 1957) and the Coal Mines (Special Provisions) Act, 2015 (11 of 2015)."; (b) after entry (b), the following entry shall be inserted, namely:- "(c) For sale of coal, coal mining activities including associated processing infrastructure subject to the provisions of the Mines and Minerals (Development and Regulation) Act, 1957 and the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e substituted, namely;- "(p) e-commerce marketplace entity with FDI shall have to obtain and maintain a report of statutory auditor by 30th of September every year for the preceding financial year confirming compliance of the e-commerce guidelines."; (vi) against Sl. No. 15.3, in column (4), under the heading Entry Route, for the entries, the following entry shall be substituted, namely:- "Automatic."; (vii) against Sl. No. 15.3.1, for the entries (e), (f) and (g), the following entries shall be substituted, namely: "(e) In respect of proposals involving foreign investment beyond 51 per cent, sourcing of 30 per cent. of the value of goods procured, shall be done from India, preferably from MSMEs, village and cottage industries, ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the entity undertaking SBRT or its group companies ( resident or non-resident), or indirectly by them through a third party under a legally tenable agreement. (g) A SBRT entity operating through brick and mortar stores, can also undertake retail trading through e-commerce. However, retail trading through e-commerce can also be undertaken prior to opening of brick and mortar stores, subject to the condition that the entity opens brick and mortar stores within two years from date of start of online retail.". 7. In the principal rules, in Schedule II, in paragraph (1), in sub-paragraph (a), in item (i), - (i) after the words "Indian company", the words "by FPIs" shall be inserted; (ii) the following proviso shall be inserted at the end, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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