FEM (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) (TENTH AMENDMENT) REGULATIONS, 2016 – AMENDMENT IN SCHEDULE 1 AND SCHEDULE 5
NOTIFICATION NO.FEMA.372/2016-RB/GSR 1015(E), DATED 27-10-2016
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 Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB dated 3rd May 2000) namely:—
Short Title & Commencement
1. (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Tenth Amendment) Regulations, 2016.
(ii) They shall come into force from the date of their publication in the Official Gazette.
Amendment to Regulations
2. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, (Notification No. FEMA 20/2000-RB dated 3rd May 2000),
A. In Schedule 1, in Annex B, the existing entries F.1, F.1.1 and F.1.1.2 shall be substituted by the following:
F.1 | Asset Reconstruction Companies | |||||||||||||||||
F.1.1 | Asset Reconstruction Company | 100% | Automatic | |||||||||||||||
F.1.1.2 | Other Conditions
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B. Amendment of the Schedule 5
(i) | In Paragraph 1, for the existing clause (e), the following shall be substituted, namely: | |
“(e) Security Receipts (SRs) issued by Asset Reconstruction Companies up to 100 per cent of each tranche, subject to directions/guidelines of Reserve Bank of India”. | ||
(ii) | In paragraph 1B, in sub paragraph (iii), for the existing clause (g), the following shall be substituted, namely: | |
“(g) Security Receipts (SRs) issued by Asset Reconstruction Companies up to 100 per cent of each tranche, subject to directions/guidelines of Reserve Bank of India”. | ||
(iii) | In paragraph 1C, in sub paragraph 1, for the existing clause (e), the following shall be substituted, namely: | |
“(e) Security Receipts (SRs) issued by Asset Reconstruction Companies up to 100 per cent of each tranche, subject to directions/guidelines of Reserve Bank of India” |