Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2004 - 118/2004 - Foreign Exchange Management
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Credit rating requirement for eligible foreign investments set; only bank instruments with specified agency ratings permitted. Amendment requires that deposits, Certificates of Deposit or other bank instruments offered to persons resident outside India be issued by banks rated by recognised international agencies and that such ratings are not less than the minimum rating prescribed by the regulator; the amendment is effective immediately under authority of the Foreign Exchange Management Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Credit rating requirement for eligible foreign investments set; only bank instruments with specified agency ratings permitted.
Amendment requires that deposits, Certificates of Deposit or other bank instruments offered to persons resident outside India be issued by banks rated by recognised international agencies and that such ratings are not less than the minimum rating prescribed by the regulator; the amendment is effective immediately under authority of the Foreign Exchange Management Act.
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