Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2019 - FEMA 20 (R) (4) /2019-RB - G.S.R. 312(E) - Foreign Exchange Management

RESERVE BANK OF INDIA (FINANCIAL MARKETS REGULATION DEPARTMENT) (CENTRAL OFFICE) NOTIFICATION No. FEMA 20 (R) (4) /2019-RB Mumbai, the 18th April, 2019 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2019 G.S.R. 312(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 amendment to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 ( Notification No. FEMA. 20 (R)/2017-RB dated November 07, 2017 ) (hereinafter referred to as 'the Principal Regulation'), namely:- 1. Short title and commencement (i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2019. (ii) They shall come into force with effect from the date of their publication in the Official Gazette. 2. Amendment to Regulation 2 (i) After clause (xlvi) of regulation 2, the following shall be added, namely; (xlvii) Municipal Bonds mean debt instruments issued by municipalities constituted under Article 243Q of the Constitution of India. (ii) The existing clause (xlvii) of regulation 2 shall now become (xlviii). 3. Amendment to Schedule 5 (i) In Para 1 sub section A of Schedule 5 (Purchase and sale of securities other than capital instruments by a person resident outside India) of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017, after the existing clause (l), the following shall be added, namely; (m) Municipal bonds. [F. No. 1/22/EM/2016 (FMS-300314135)] T. RABI SANKAR, Chief General Manager Foot Note:- The Principal Regulation was published in the Official Gazette vide G.S.R.No.1374(E) dated November 07, 2017 in Part II, Section 3, sub-Section (i) and subsequently amended as under G.S.R.No.279(E) dated 26.03.2018, G.S.R.No.520(E) dated 01.06.2018, G.S.R. No.823(E) dated 30.8.2018, G.S.R. No. 78 (E) dated 31.01.2019 and G.S.R. No.164(E) dated 27.2.2019