9911796707
TMI BlogForeign Exchange Management (Transfer or Issue of Security by a Person Resident outside India)) (Third Amendment) Regulations, 2013X 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 Security by a Person Resident outside India) Regulations, 2000 ( Notification No. FEMA 20/2000-RB dated 3rd May, 2000 ) namely :- 1. Short Title Commencement (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2013. (ii) They shall come into force from the date of publication in the Official Gazette. 2. Amendment of Schedule 3 In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 , ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of an Authorized Dealer bank referred to in paragraph 1, for routing the receipt and payment for transactions relating to purchase and sale of shares /convertible debentures under this Scheme. NRE(PIS) account shall be opened for investment made on repatriation basis and NRO(PIS) account shall be opened for investment made on non-repatriation basis under the Scheme. The designated branch of an Authorised Dealer bank shall ensure that sale proceeds of shares / convertible debentures which have been acquired by modes other than Portfolio Investment Scheme such as underlying shares acquired on conversion of ADRs/GDRs, shares/ convertible debentures acquired under FDI Scheme, shares/ convertible debentures purchased outside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;s other NRE accounts or FCNR (B) accounts or NRO accounts maintained with Authorised Dealer in India ; (iii) Net sale proceeds ( after payment of applicable taxes) of shares and convertible debentures acquired on repatriation basis (at the option of the NRI) and non-repatriation basis under the Scheme and sold on stock exchange through registered broker; and (iv) dividend or income earned on investment made on repatriation basis under the Scheme Debits (i) Outward remittances of dividend or income earned (ii) Amounts paid on account of purchase of shares and convertible debentures on non- repatriation basis on stock exchanges through registered broker under PIS. (iii) Any charges on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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