Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2013

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..... dments in the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 ( Notification No. FEMA 120-RB-2004 dated July 7, 2004 ), as amended from time to time, (hereinafter called the Principal Regulations or the Notification) namely:- 1. Short Title Commencement:- (i) These Regulations shall be, called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2013. (ii) They shall come into force from the date of publication in Official Gazette 2. Insertion of New Regulation 20A In Part II, after Regulation 20, the following Regulation shall be inserted: "20A. Acquisition or Setting up of a JV or WOS abroad by .....

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..... der investigation by any investigation I enforcement agency or regulatory body. 5. At the time of investments, the permissible ceiling shall be within the overall ceiling prescribed for the resident individual under Liberalised Remittance Scheme as prescribed by the Reserve Bank from time to time. [Explanation: The investment made out of the balances held in EEFC / RFC account shall also be restricted to the limit prescribed under LRS.] 6. The JV or WOS, to be acquired / set up by a resident individual under this Schedule, shall be an operating entity only and no step down subsidiary is allowed to be acquired or set up by the JV or WOS. 7. For the purpose of making investment under this Schedule, the va .....

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..... ll submit Part I of the Form ODI, duly completed, to the designated authorised dealer, within 30 days of making the remittance. 2. The investment, as made by a resident individual, shall be reported by the designated authorised dealer to the Reserve Bank in Form ODI Part I and II within 30 days of making the remittance. 3. The obligations as required in terms of Regulation 15 of this Notification shall also apply to the resident individuals who have set up or acquired a JV or WOS under the provisions of this Schedule. 4. The disinvestment by the resident individual may be reported by the designated AD to the Reserve Bank in Form ODI Part IV within 30 days of receipt of disinvestment proceeds." .....

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