FEM (TRANSFER OR ISSUE OF ANY FOREIGN SECURITY) (AMENDMENT) REGULATIONS, 2015 – AMENDMENT IN REGULATION 21

NOTIFICATION NO.FEMA.359/2015-RB/GSR 921(E) [F.NO.1/30/EM/2015], DATED 2-12-2015

In exercise of the powers conferred by clause (b) of sub-section (3) of section 6 and 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) Regulations, 2004 (Notification No. FEMA. 120/2004-RB dated July 7, 2004) namely:—

Short title & Commencement

1. (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2015.

(ii) They shall come into force from the date of their publication in the Official Gazette

Amendment of the Regulation 21 (2) (ii)

2. In the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 (Notification No. FEMA. 120/2004-RB dated July 7, 2004), after Regulation 21 (2) (ii), the following proviso shall be inserted, namely:—

“Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, change/prescribe for the automatic as well as the approval route of FCCBs, any provision or proviso for issuance of FCCBs.

Amendment to the Regulation 21 (2) (iii)

3. In the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 (Notification No. FEMA. 120/2004-RB dated July 7, 2004), after Regulation 21 (2) (iii), the following proviso shall be inserted, namely:—

“Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, change/prescribe any provision or proviso for issuance of FCEBs.