Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2020

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..... d Amendment) Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (hereinafter referred to as the principal rules), after rule 2 , the following rule shall be inserted, namely:- 2(A). Reserve Bank to administer these rules. - (1)These rules shall be administered by the Reserve Bank. (2)While administrating these rules, the Reserve Bank may interpret and issue such directions, circulars, instructions, clarifications, as it may deem necessary, for effective implementation of the provisions of these rules. 3. In the principal rules , in rule 3 , the words and in consultation with the Central .....

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..... thin India; (b) whose Chairman and at least two-thirds of its Directors are citizens of India; and (c) whose substantial ownership and effective control is vested in Indian nationals. ; (ii) for serial number 9.5 and the entries relating thereto, the following serial number and entries shall be substituted, namely:- (1) (2) 9.5 Other Conditions (a) Air Transport Services shall include Domestic Scheduled Passenger Airlines, Non-Scheduled Air Transport Services, helicopter and seaplane services. (b) Foreign airlines are allowed to participate in the equity of companies operating Cargo airlines, helicopter .....

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..... t in case of those NRIs, who are Indian Nationals, where foreign investments is permitted up to 100 per cent under automatic route. (ii) substantial ownership and effective control of M/s Air India Limited shall continue to be vested in Indian Nationals as stipulated in Aircraft Rules, 1937. (e) FDI in Civil Aviation shall be subject to provisions of the Aircraft Rules, 1937, as amended from time to time. Note: (i) The FDI limits or entry routes mentioned at serial numbers 9.2 and 9.3 above, are applicable in the situation where there is no investment by foreign airline. (ii) Any investment by foreign airlines in companies operating in Air Transport Services, including in M/s Air India Limited, shall be subject .....

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