Schedule III - Regulation 9A - Overseas Investments by Registered Trust/Society - Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004

[Schedule III (See Regulation 9A) Overseas Investments by Registered Trust/Society Criteria for overseas investment by Registered Trust/Society Trust (i) The Trust should be registered under the Indian Trust Act, 1882. (ii) The Trust deed permits the proposed investment overseas. (iii) The proposed investment should be approved by the trustee/s. (iv) The Authorised Dealer bank is satisfied that the Trust is KYC (Know Your Customer) compliant and is engaged in a bonafide activity. (v) The Trust has been in existence at least for a period of three years. (vi) The Trust has not come under the adverse notice of any Regulatory / Enforcement agency 'like the Directorate of Enforcement, CBI etc. Society (i)The Society should be registered under the Societies Registration Act, 1860. (ii) The Memorandum of Association and rules and regulations permit the Society to make the proposed investment which should also be approved by the governing body/council or a managing/executive committee. (iii) The Authorised Dealer bank is satisfied that the Society is KYC (Know Your Customer) compliant and is engaged in a bonafide activity (iv) The Society has been in existence at least for a period of three years. (v) The Society has not come under the adverse notice of any Regulatory / Enforcement agency like the Directorate of Enforcement, CBI etc. In addition to the registration, the activities which require special license / permission either from the Ministry of Home Affairs, Government of India or from the relevant local authority, as the case may' be, the Authorised Dealer Category -I bank should ensure that such special license /permission has been obtained by the applicant. ********************* Note : 1. Has been inserted vide Notification No. 181/2008 dated 1/10/2008 (w.e.f. 27th day of June 2008)