Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2020

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..... all 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), after rule 2, the following rule shall be inserted, namely:- "2(A). Reserve Bank to administer these rules. - (1)These rules shall be administered by the Reserve Bank. (2)While administrating these rules, the Reserve Bank may interpret and issue such directions, circulars, instructions, clarifications, as it may deem necessary, for effective implementation of the provisions of these rules." 3. In the principal rules, in rule 3, the words "and in consultation with the Central Government" shall be omitted. 4. In the principal rules, in .....

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..... Scheduled Passenger Airlines, Non-Scheduled Air Transport Services, helicopter and seaplane services. (b) Foreign airlines are allowed to participate in the equity of companies operating Cargo airlines, helicopter and seaplane services, as per the limits and entry routes mentioned above. (c) Foreign airlines are allowed to invest in the capital of Indian companies, operating scheduled and non-scheduled air transport services, up to the limit of 49 per cent of their paid-up capital, subject to the following conditions, namely :- (i) it is made under the Government approval route, (ii) the 49 per cent limit will subsume FDI and FII/FPI investment, (iii) the investments so made would need to comply with the relevant regulations of the .....

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..... reign airline. (ii) Any investment by foreign airlines in companies operating in Air Transport Services, including in M/s Air India Limited, shall be subject to entries (b) and (c) above. (iii) The dispensation for those NRIs, who are Indian Nationals, regarding FDI up to 100 per cent will continue in respect of the investment regime specified at entries (c) (ii) and (d) above." [F. No. 01/05/EM/2019] ANAND MOHAN BAJAJ, Addl. Secy. Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O.3732 (E), dated the 17th October, 2019 and subsequently amended vide numbers S.O. 4355 (E), dated the 5th December 2019, S.O. 1278 (E), dated the 22nd April, 2020 and S.O. .....

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