Prohibition on issue of foreign security by a person resident in India

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..... ity by a person resident in India. (1) Save as otherwise provided in the Act or in sub- regulation (2), no person resident in India shall issue or transfer a foreign security. 1 ( 2) A person resident in India, being an Indian Company or a Body Corporate created by an Act of Parliament, (i) may issue FCCBs not exceeding US$50 million, to a person resident outside India in accordance with and subje .....

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..... nt repatriated to India through normal banking channels and/or the amount received by debit to NRE/FCNR accounts in India of the investors (duly supported by bank certificate). ******************** Note : 1. Has been substituted vide Notification No. 055/2002 dated 7/3/2002 2. For the words ' The company/ body corporate referred to in sub-regulation (2)', the words ' The company/ body .....

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