Foreign Exchange Management (Permissible Capital Account Transactions) (First Amendment) Regulations, 2019 - 01/2019-RB - Foreign Exchange Management

RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) 1 [ Notification No. FEMA 392/2019-RB] Mumbai, the 7th March, 2019 Foreign Exchange Management (Permissible Capital Account Transaction) (First Amendment) Regulations, 2019. G.S.R. 198(E).- Government of India, Ministry of External Affairs, issued the Order S.O. 1549(E) dated April 21, 2017 implementing the Security Council Resolution on Democratic People s Republic of Korea. Therefore, in exercise of the powers conferred by sub-section (2) of Section 6 read with sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (Act 42 of 1999), the Reserve Bank of India hereby makes the following amendments to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 ( Notification No. FEMA.1/2000-RB dated 3rd May 2000 ), namely:- 1. Short Title Commencement:- (i) These Regulations may be called the Foreign Exchange Management (Permissible Capital Account Transactions) (First Amendment) Regulations, 2019. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment to Regulation 4 :- The following clauses are inserted as sub-Regulations (c) and (d) after sub-Regulation (b) in Regulation 4 of the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 ( Notification No. FEMA 1/2000- RB dated May 3, 2000 ): (c) No person resident in India shall undertake any capital account transaction which is not permissible in terms of Order S.O. 1549(E) dated April 21, 2017, as amended from time to time, of the Government of India, Ministry of External Affairs, with any person who is, a citizen of or a resident of Democratic People s Republic of Korea, or an entity incorporated or otherwise, in Democratic People s Republic of Korea, until further orders, unless there is specific approval from the Central Government to carry on any transaction. (d) The existing investment transactions, with any person who is, a citizen of or resident of Democratic People s Republic of Korea, or an entity incorporated or otherwise in Democratic People s Republic of Korea, or any existing representative office or other assets possessed in Democratic People s Republic of Korea, by a person resident in India, which is not permissible in terms of Order S.O. 1549(E) dated April 21, 2017, as amended from time to time, of the Government of India, Ministry of External Affairs shall be closed/liquidated/disposed/settled within a period of 180 days from the date of issue of this Notification, unless there is specific approval from the Central Government to continue beyond that period. [F. No. 1/2/EM-2018] AJAY KUMAR MISRA, Chief General Manager-In-Charge Foot Note: The Principal Regulations were published in the Official Gazette vide No. G.S.R. No.384 (E) dated May 5, 2000 in Part II, Section 3, sub-section (i) and subsequently amended vide: G.S.R.207 (E) dated March 23, 2004 G.S.R.14 (E) dated January 5, 2008 G.S.R.551 (E) dated August 14, 2013 G.S.R. 488 (E) dated July 11, 2014 G.S.R. 283 (E) dated April 13, 2015 G.S.R. 425 (E) dated May 26, 2015 G.S.R.No.859 (E) dated November 16, 2015 ********** Notes 1. Corrected vide CORRIGENDUM dated 13-06-2019 before it was read as NOTIFICATION No. FEMA 1/2019-RB