9911796707
TMI BlogForeign Exchange Management (Transfer or Issue of any Foreign Security) (Fifth Amendment) Regulations, 2013X X X X Extracts X X X X X X X X Extracts X X X X ..... ue of any Foreign Security) (Fifth Amendment) Regulations, 2013 G.S.R. 552(E).--In exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and subsection (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 Foreign Security) (A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Indian Party as on the date of the last audited balance sheet. Explanation: For the purpose of determining the 'total financial commitment' within the limit of 100%, or as decided by the Reserve Bank from time to time, of the net worth, the following shall be reckoned, namely: (a) Remittance by market purchases, namely in freely convertible currencies; in case of Bhutan, investment made in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cided by the Reserve Bank from time to time, of the net worth of the Indian party, the Indian party shall seek the prior approval of the Reserve Bank before remitting funds from India, on account of such invocation. (g) Hundred per cent of the value of the bank guarantee issued by a resident bank on behalf of an overseas JV/WOS of the Indian party, which is backed by a counter guarantee/ collater ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Explanation: For the purpose of the limit of 100%, or as decided by the Reserve Bank from time to time, of the net worth, the following shall be reckoned, namely:" (iii) In Regulation 6, in sub-regulation (3), for clause (ii)(h) the following shall be substituted: "(h) Fifty per cent of the value of performance guarantee issued by Indian party to or on behalf of the JV/WOS. Explanation : In cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... January 5, 2008, No. G.S.R. 209(E) dated March 25, 2008, No. G.S.R. 676 (E) dated September 24, 2008, No. G.S.R. 756 (E) dated October 31, 2008, No. G.S.R. 108 (E) dated February 20, 2009, No. G.S.R. 301(E) dated May 1, 2009, No. G.S.R. 441(E) dated June 23, 2009, No. G.S.R. 609(E) dated August 28, 2009, No. G.S.R. 607(E) dated August 3, 2012, No. G.S.R. 609(E) dated August 3, 2012, No. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
