9911796707
TMI BlogForeign Exchange Management (Transfer or Issue of any Foreign Security) (Fourth Amendment) Regulations, 2002.X X X X Extracts X X X X X X X X Extracts X X X X ..... UMBAI Notification No. FEMA 55 /2002-RB Dated March 7, 2002 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 09.04.2002 - G.S.R. No. 265(E) In exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act 1999 (42 of 1999), and in partial modification of it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 subject to the conditions stipulated in Schedule II; ii. where the issue exceeds US $50 million but does not exceed US $100 million, may apply to the Reserve Bank in Form ECB for permission to issue FCCBs; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as announced from time to time and the Reserve Bank's Regulations/directions issued from time to time. ii. The issue of FCCBs shall be subject to a ceiling of U S $ 50 million in any one financial year. iii. Public issue of FCCBs shall be only through reputed lead managers in the international capital market. In case of private placement, the placement shall be with banks, or with multilateral ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted expenses such as legal fees, lead managers fees, out of pocket expenses. vii. The FCCB proceeds shall not be used for investment in Stock Market, and may be used for such purposes for which ECB proceeds are permitted to be utilised under the ECB schemes. viii. In case the FCCBs are issued for financing imports/foreign exchange capital expenditure, the proceeds can be retained abroad with t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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