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

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Foreign Exchange Department Central Office NOTIFICATION No. FEMA. 137/2005- RB Mumbai, the 22nd July, 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), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or issue of Secur....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Bank may grant such approval on being satisfied of the following conditions: a. The donee is eligible to hold such a security under Schedules 1, 4 and 5 of these Regulations. b. The gift does not exceed 5% of the paid up capital of the Indian company/each series of debentures/each mutual fund scheme. c. The applicable sectoral cap/foreign direct investment limit in the Indian company is not ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....alue of such securities. e. In case of units of domestic mutual funds and units of Money Market Mutual Funds, a certificate from the issuer on the Net Asset Value of such security. f. In case of shares and debentures, a certificate from a Chartered Account on the value of such securities according to the guidelines issued by the Securities & Exchange Board of India or the erstwhile CCI with re....