Clause 233 - Amendment of section 2 of Act 42 of 2010 - Finance Bill, 2016

PART XIII A MENDMENT TO THE F OREIGN C ONTRIBUTION ( R EGULATION) A CT, 2010 Amendment of section 2 of Act 42 of 2010 233. In the Foreign Contribution (Regulation) Act, 2010, in section 2, in sub-section (1), in clause (j), in sub-clause (vi), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 26th September, 2010, namely:- Provided that where the nominal value of share capital is within the limits specified for foreign investment under the Foreign Exchange Management Act, 1999 (42 of 1999), or the rules or regulations made thereunder, then, notwithstanding the nominal value of share capital of a company being more than one-half of such value at the time of making the contribution, such company shall not be a foreign source; .