Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Third Amendment) Regulations, 2008

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..... (Transfer or Issue of any Foreign Security) (Third Amendment) Regulations, 2008 G.S.R.No.209 (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 Exchange Management (Transfer or Issue of Any .....

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..... tures/Wholly Owned Subsidiaries shall not exceed 400% of the net worth of the 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 : .....

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..... n clause (a), the words and figures " and has in its name share holding of not less than 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. (Salim Gangadharan) Chief General Manager Foot Note: .....

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