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 ..... (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 July 7,2004) namely :— 1. Short Title Commencement:- (I) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Second Amendment) Regulations, 2008. (ii) These Regulations shall be deemed to have come into effect from the dates specified in these regulations. 2. Amendment of Regulation 2 :- In the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 , (Notification No. FEMA/120/RB-2004 dated July 7, 2004, hereinafter r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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) The Trust has not come under the adverse notice of any Regulatory / Enforcement agency 'like the Directorate of Enforcement, CBI etc. Society (i)The Society should be registered under the Societies Registration Act, 1860. (ii) The Memorandum of Association and rules and regulations permit the Society to make the proposed investment which should also be approved by the governing body/council or a managing/executive committee. (iii) Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -Charge Foot Note: (i) The Foreign Exchange Management (Transfer or Issue of Any 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 G. S.R. No........ dated ................... G. S.R. No.........dated.................... (ii) It is clarified that no person will be adversely affected as a result of retrospective effect being given to these Regulations. - Notification Tax Mana ..... X X X X Extracts X X X X X X X X Extracts X X X X
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