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TMI BlogForeign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... India hereby makes the following amendments to the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2017 ( Notification No. FEMA. 20 (R)/2017-RB dated November 07, 2017 ) (hereinafter referred to as 'the Principal Regulations'), 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) (Amendment) Regulations, 2018. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment to Regulation 16.B In Regulation 16.B, (i) The existing sub-regulation 5, shall be substituted by the following name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iv) In SL.No 9.5, after clause (c), the following shall be inserted, namely: (d) In addition to the above conditions, foreign investment in M/s Air India Limited shall be subject to the following conditions: (i) Foreign investment in M/s Air India Ltd., including that of foreign airline(s), shall not exceed 49% either directly or indirectly. (ii) Substantial ownership and effective control of M/s Air India Ltd. shall continue to be vested in Indian Nationals. (v) In SL.No 9.5, Note (3) shall be deleted. (vi) In SL. No 10.2, after Note 6, a new Note 7 shall be inserted, namely: (7) Real estate broking services shall be excluded from the definition of real estate business and 100% foreign investment is allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... completion of this 5 years period, the SBRT entity shall be required to meet the 30% sourcing norms directly towards its India s operation, on an annual basis. (xi) In SL.No 15.3.1, Note 2 and Note 3 shall be deleted. (xii) In SL.No 15.3.1, the existing Note 5 shall be substituted by the following, namely: Sourcing norms will not be applicable up to three years from commencement of the business i.e. opening of the first store for entities undertaking single brand retail trading of products having 'state-of-art' and 'cutting-edge' technology and where local sourcing is not possible. Thereafter, condition mentioned at 15.3.1(e) above will be applicable. A Committee under the Chairmanship of Secretary, DIPP, with rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a) Swap of capital instruments; or (b) Import of capital goods/ machinery/ equipment (excluding second-hand machinery); or (c) Pre-operative/ pre-incorporation expenses (including payments of rent etc.). Provided Government approval shall be obtained if the Indian investee company is engaged in a sector under Government route. The applications for approval shall be made in the manner prescribed by the Central Government from time to time. (ii) The existing Para 1 (6), shall be deleted: [F.No. 1/22/EM/2016] SHEKHAR BHATNAGAR, Chief General Manager-in-Charge Foot Note:- The Principal Regulations were published in the Official Gazette vide G.S.R. No. 1374(E), dated November 07, 2017 in Part II, Section 3, Sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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