TaxTMI 
TaxTMI 
Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2007
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....ection (3) of section 6, sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Deposit) Regulations, 2000 (Notification No. FEMA. 5/2000-RB dated May 3, 2000) namely :- 1. Short Title and Commencement: (i) These Regulations may be called the Foreign Exchange Management ....
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....lations or any other applicable ^1[Securities and] Exchange Board of India Regulations/provisions of the Companies Act, 1956." (ii) after Schedule 7, a new Schedule as in Annex to these regulations shall be inserted. [F. No. l/23/EM/2000-Vol. IVl Foot Note: (i) @ It is clarified that no person will be adversely affected as a result of retrospective effect being given to such regulation....
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....nbsp; Annex Schedule 8 (See Sub Regulation 2A of Regulation 5) Terms and conditions for opening of Escrow Account and Special Account by non-resident corporates for open offers / delisting / exit offers 1. Acquisition / Transfer of shares shall be strictly in accordance with the provisions of Notification No. FEMA 20/2000-RB dated 3rd May, 2000 as amended from time to time....
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....ered by the overseas acquirer for this purpose, may operate the Escrow Account in accordance with SEBI (SAST) Regulations or any other SEBI Regulations, as applicable and with the specific approval of the Authorised Dealer with whom the account is opened. 6. No fund based / non-fund based facilities shall be permitted against the balance in the accounts. 7. Requirement of compliance with KYC....