Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India )(Second Amendment) Regulations,2005

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....EIGN EXCHANGE DEPARTMENT) CENTRAL OFFICE MUMBAI 400 001 Notification No.FEMA.131/2005-RB dated March 17, 2005 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 ) and in partial modification of its Notification NO.FEMA.20/2000-RB dated 3rd May 2000, the Reserve Bank of India makes the following am....

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....' (b) any share /convertible debenture of an Indian Company whose activities fall under Annexure B to Schedule 1, other than item nos.1 ,2 and 3 and subject to the Sectoral Limits specified therein, shall transfer such shares I debentures without prior approval of Government and RBI if the same is by way of sale subject to the following: (i) that the Indian Company whose shares or convertible deb....

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....se (1) shall be deleted; clause (2) shall be substituted; namely 'A person resident outside India, may transfer share or convertible debenture of an Indian company ,without the prior permission of the Reserve Bank ,by way of sale, to a person resident in India subject to the adherence to pricing guidelines, documentation and reporting requirements for such transfers as may be specified by Reserv....