9911796707
TMI BlogForeign Exchange Management (Transfer or Issue of any Foreign Security) (Second Amendment) Regulations, 2008X X X X Extracts X X X X X X X X Extracts X X X X ..... NK OF INDIA) (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION No. FEMA 181/RB-2008 Mumbai, the 1st October, 2008 G.S.R. 756(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 Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rted with effect from the 27 day of June 2008, namely:- "(qb) 'Trust' means a Trust registered under the Indian Trust Act, 1882". "(qc) 'Society' means a Society registered under the Societies Registration Act, 1860". 3. Insertion of new Regulation in Part I:- In the principal regulations, in Part I, after Regulation 9, the following regulation shall be inserted and shall be deemed to have be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be registered under the Indian Trust Act, 1882. (ii) The Trust deed permits the proposed investment overseas. (iii) The proposed investment should be approved by the trustee/s. (iv) The Authorised Dealer bank is satisfied that the Trust is KYC (Know Your Customer) compliant and is engaged in a bonafide activity. (v) The Trust has been in existence at least for a period of three years. (vi) Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n to the registration, the activities which require special license / permission either from the Ministry of Home Affairs, Government of India or from the relevant local authority, as the case may' be, the Authorised Dealer Category -I bank should ensure that such special license /permission has been obtained by the applicant. 5. Amendment of Regulation 11: In the principal regulations, in Part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Foreign Security) Regulations, 2004 were published in the Official Gazette vide G.S.R No. 757 (E) dated November 19, 2004 and subsequently amended vide: G.S.R. No. 220 (E) dated April 7, 2005 G.S.R. No. 337 (E) dated May 27, 2005 G.S.R. No. 552 (E) dated August 31, 2005 G.S.R. No. 535(E) dated September 6, 2006 G.S.R. No. 13(E) dated January 5, 2008 G.S.R. No. 209(E) dated March 25, 2008 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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