Section 236 - Amendment of section 2 of Act 42 of 2010. - Finance Act, 2016

PART XIII AMENDMENT TO THE FOREIGN CONTRIBUTION (REGULATION) ACT, 2010 Amendment of section 2 of Act 42 of 2010. 236 . 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 1 [the 5th August, 1976], 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; . ******************** Notes:- 1. Substituted vide THE FINANCE ACT, 2018 , before it was read as, the 26th September, 2010