Foreign Exchange Management [Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)] Regulations, 2003

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....s behalf, the Reserve Bank of India makes the following Regulations:- Short title and commencement 1.(1) These Regulations may be called Foreign Exchange Management (Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)) Regulations, 2003. (2) They shall come into force from the date of their publication in the Official Gazette. 2. For the purpose of these Regulations - i. 'Act' means the Foreign Exchange Management Act 1999; ii. 'Account' means Savings, Current, Recurring, Fixed Deposit opened and maintained under Non-Resident (External) Account Scheme (NRE Account), Foreign Currency (Non-Resident) Account Banks Scheme (FCNR-B Account) or Non-Resident (Ordinary) Account....

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....ansactions in terms of such permission granted under the Regulations and shall be construed accordingly. Overriding effect 4. Notwithstanding anything contained in any other Regulations, these Regulations shall prevail. Withdrawal of general permission and unwinding of investments and transactions 5. On the commencement of these Regulations - 1. a) no fresh account by whatever name called shall be opened or maintained in the name of an OCB. b) the Regulations specified in column 1 of the Schedule shall be amended as mentioned in Column 2. c) an existing NRE (Saving and Current) Account held or maintained in the name of an OCB shall be closed and balances repatriated forthwith; d) an exist....

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....f the existing investment in the form of shares held by it, by sale at a rate not exceeding the prevailing market rate through a registered stock broker on a recognised stock exchange in India; c) an OCB shall not be eligible to purchase equity or preference shares or convertible debentures offered on right basis by an Indian company, and no Indian company shall offer equity or preference shares or convertible debentures on right basis to an OCB; d) where any offer on right basis made to an OCB before the date of commencement of these Regulations, is existing on that date, the OCB may renounce it in favour of any person resident in India or a person resident outside India who is eligible to invest in a security of an Indian company un....

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....Derivative Contracts) Regulations, 2000, as amended from time to time. - (Usha Thorat) Executive Director Schedule Amendments to the existing provisions of the FEMA Regulations ; 1 2 Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 In the Schedule, in paragraph 3, the word 'OCB' shall be deleted. Foreign Exchange Management (Borrowing or Lending in Rupees) Regulations, 2000 In Regulation 5, the words 'or an overseas corporate body (OCB),' '/Overseas Corporate Bodies(OCBs)' shall be deleted. Foreign Exchange Management (Deposit) Regulations, 2000 In Regulation 5 (1)(i) and (ii), in Regulation 8(2), in Schedule 1....