Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) ( Second Amendment) Regulations, 2003 - 094/2003 - Foreign Exchange Management
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Foreign investment transfer restrictions clarified; bonus shares repatriability, FC GPR reporting and prior permission conditions revised for non residents and NRIs under FEMA Amendments add an NRI definition, permit bonus shares to non resident shareholders only if original shares were acquired per applicable rules and subject bonus shares carry the same repatriability conditions; require companies issuing rights or bonus shares to report within thirty days in Form FC GPR; revise transfer rules so non residents may transfer to non residents generally while NRIs/OCBs may transfer only to other NRIs/OCBs, subject to prior Central Government permission where the transferee has prior ventures or tie ups in the same or allied field, with exceptions for specified international financial institutions and the IT sector.
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Provisions expressly mentioned in the judgment/order text.
Foreign investment transfer restrictions clarified; bonus shares repatriability, FC GPR reporting and prior permission conditions revised for non residents and NRIs under FEMA
Amendments add an NRI definition, permit bonus shares to non resident shareholders only if original shares were acquired per applicable rules and subject bonus shares carry the same repatriability conditions; require companies issuing rights or bonus shares to report within thirty days in Form FC GPR; revise transfer rules so non residents may transfer to non residents generally while NRIs/OCBs may transfer only to other NRIs/OCBs, subject to prior Central Government permission where the transferee has prior ventures or tie ups in the same or allied field, with exceptions for specified international financial institutions and the IT sector.
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