CORRIGENDUM - Notification No. FEMA.230/2012-RB dated 29th May, 2012. - G.S.R. 624(E) - Foreign Exchange Management

CORRIGENDUM DATED 10-9-2013 G.S.R. 624(E) - In the Notification No. FEMA.230/2012-RB dated 29th May, 2012 of the Reserve Bank of India, Foreign Exchange Department, Central Office, published in the Gazette of Government of India, Extraordinary Part II, section 3, sub-section (i) vide G.S.R. No. 797(E), dated 30-10-2012, (i) for regulation 2(i), the following shall be substituted, namely: (2) A company which is an Micro and Small Enterprise (MSE) (earlier Small Scale Industrial Unit) including an Export Oriented Unit or a Unit in a Free Trade Zone or in an Export Processing Zone or in a Software Technology Part or in an Electronic Hardware Technology Park, and which is not engaged in any activity/sector mentioned in Annex A to this schedule may issue shares or convertible debentures to a person resident outside India referred to in paragraph 1, subject to the limits prescribed in Annex B to this schedule, in accordance with the Entry Routes specified therein and the provision of Foreign Direct Investment Policy, as notified by the Ministry of Commerce Industry, Government of India, from time to time. (ii) after regulation 2(ii), the following Explanation shall be added, namely: Explanation. For the purposes of sub-paragraphs (2) and (3) above, in terms of the provisions of the Micro, Small and Medium Enterprises Development Act, (i) in the case of the enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951, a micro enterprise means where the investment in plant and machinery does not exceed twenty five lakh rupees; a small enterprise means where the investment in plant and machinery is more than twenty five lakh rupees but does not exceed five crore rupees; (ii) in the case of the enterprises engaged in providing or rendering services, a micro enterprise means where the investment in equipment does not exceed ten lakh rupees; a small enterprise means where the investment in equipment is more than ten lakh rupees but does not exceed two crore rupees.