Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Fourth Amendment) Regulations, 2014. - 325/2014-RB - Foreign Exchange Management

RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION NO. 325/2014-RB Mumbai, the 12 th November, 2014 GSR 7 (E) - In exercise of the powers conferred by clause (a) of sub-section (3) of section 6 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) , the Reserve Bank hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations 2004 ( Notification No. FEMA.120/RB-2004, dated July 7, 2004 ), as amended from time to time, (hereinafter called the Principal Regulations or the Notification) namely: 1. Short Title and Commencement (i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Fourth Amendment) Regulations, 2014. (ii) They shall come into force from the date of publication in the Official Gazette. 2. Amendment to Regulation 19A The existing Regulation 19A shall be substituted with the following, namely: 19A. Overseas Direct Investments by Proprietorship Concern/Unregistered Partnership Firm in India A proprietorship concern or an unregistered partnership firm in India, satisfying the criteria for Overseas Direct Investment as prescribed by the Reserve Bank from time to time, may set up/acquire a Joint Venture (JV)/Wholly Owned Subsidiary (WOS) outside India with the prior approval of the Reserve Bank. 3. Amendment to Schedule II The existing Schedule II stands deleted. C. D. SRINIVASAN, Chief General Manager