9911796707
TMI BlogForeign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2001X X X X Extracts X X X X X X X X Extracts X X X X ..... nagement Act, 1999 (42 of 1999), and in partial modification of its Notification No. FEMA 19/RB-2000 dated May 3, 2000, the Reserve Bank of India makes the following Regulations to amend the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000, as amended from time to time, namely:- 1. a. These Regulations may be called the Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2001. b. They shall come into force with immediate effect. 2. In the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000, A. in Regulation 6, a. in sub-regulation (2) , i. for clause (i) , the following clause shall be substituted, name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r from time to time by the Central Government; Provided that a. the Indian Party has already made an ADR and/or GDR issue and that such ADRs/GDRs are currently listed on any stock exchange outside India; b. such investment by the Indian Party does not exceed the higher of the following amounts, namely: - i. amount equivalent of US$ 100 mn., or ii. amount equivalent to 10 times the export earnings of the Indian Party during the preceding financial year as reflected in its audited balance-sheet, inclusive of all investments made under Regulations in Part I, including under (i) of this clause, in the same financial year, c. the ADR and/or GDR issue for the purpose of acquisition is backed by underlying fresh equity shares issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt I, the following Part shall be inserted, namely: - "Part IA Investments abroad by a firm in India 17A Investments abroad by a firm in India (1) A firm in India registered under the Indian Partnership Act, 1932, may apply to the Reserve Bank for permission to invest abroad to the extent and in the manner specified in Part I. 2. Reserve Bank may, after taking into account the factors specified in sub regulation (3) of Regulation 9, grant permission subject to such terms and conditions as are considered necessary. 17B Investments by partnership firm without prior approval of Reserve Bank (1) A partnership firm registered under the Indian Partnership Act, 1932 which is engaged in providing professional services speci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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