Foreign investment regulations amended under FEMA restricting transfer or issuance of securities to non-residents; banks must inform clients. The Reserve Bank notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Fourth Amendment) Regulations, 2004 (FEMA No.122/2004-RB dated 30.8.2004), amending rules governing transfer or issuance of securities to non-residents. The circular also references FEMA.105/2000-RB (notified 21.10.2003) as included in the Master Circular on Risk Management and directs Authorised Dealer Banks to inform their constituents; issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to other statutory permissions.
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Foreign investment regulations amended under FEMA restricting transfer or issuance of securities to non-residents; banks must inform clients.
The Reserve Bank notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Fourth Amendment) Regulations, 2004 (FEMA No.122/2004-RB dated 30.8.2004), amending rules governing transfer or issuance of securities to non-residents. The circular also references FEMA.105/2000-RB (notified 21.10.2003) as included in the Master Circular on Risk Management and directs Authorised Dealer Banks to inform their constituents; issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to other statutory permissions.
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