Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2003

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..... CE MUMBAI 400 001 Notification No.FEMA.86/2003-RB Dated the March 1, 2003 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 04.08.2003 - G.S.R. No. 629(E) In exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and sub-section (2) of Section 47 of the Foreign Exchange Management A .....

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..... the words and figure 'US $ 50 million', the words and figure 'US $ 100 million', shall be substituted; ii. for clause (iii), the following clause shall be substituted, namely : - '(iii) The direct investment is made in the overseas JV or WOS engaged in a bonafide business activity;' b) in sub-regulation (3), i. in clause (ii), for the words and figure 'not exceeding 50%,' the words and .....

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