Foreign Exchange Management (Transfer or Issue of Security by A Person Resident Outside India) (Amendment) Regulations, 2014 - 296/2014-RB - Foreign Exchange Management

Reserve Bank of India Foreign Exchange Department Central Office Mumbai- 400 001 Notification No. FEMA. 296/2014-RB DATED 03-03-2014 GSR 270(E) - In exercise of the powers conferred by clause (b) of sub-section (3) of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) , the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 ( Notification No. FEMA 20/2000-RB, dated 3rd May, 2000 ), namely: Short Title Commencement 1. (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by A Person Resident Outside India) (Amendment) Regulations, 2014. (ii) They shall come into force from January 08, 2014. Amendment of Schedule 1 2. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 ( Notification No. FEMA 20/2000-RB, dated 3rd May, 2000 ), the existing entry 25 in Annex B of the Schedule 1 shall be substituted by the following, namely: 25 Pharmaceuticals 25.1 Greenfield 100% Automatic 25.2 Brownfield 100% Government Note: Government may incorporate appropriate conditions for FDI in brownfield cases, at the time of granting approval. 25.3 Other Condition: 'Non-compete' clause would not be allowed except in special circumstances with the approval of the Foreign Investment Promotion Board. [F. NO.1/7/EM/2014]