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TMI BlogForeign Exchange Management (Transfer or Issue of Any Foreign Security) (Third Amendment) Regulations, 2007X X X X Extracts X X X X X X X X Extracts X X X X ..... G.S.R. 209(E).-ln exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and subsection (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 (Notification No.FEMA/120/RB-2004 dated Jul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Indian Party as on the date of the last audited balance sheet". (ii) In sub-regulation (2), in clause (i), in the Explanation, for the words and figures "For the purpose of determining 'total financial commitment' within the limit of 200% or 300% of the net worth, as the case may be" the following shall be substituted : "For the purpose of determining 'total financial commitment' within ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10% in any listed Indian company as on 1st January of the year of investment" shall be omitted. (ii) in clause (b), in sub clause (i), for the words and figures "35% of the net worth", the words and figures "50% of the net worth", shall be substituted. [F. No.1/23/EM/2000-Vol. IV] SALIM GANGADHARAN, Chief General Manager Foot Note: (i) The Foreign Exchange Management (Transfer or Issue of A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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