Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Third Amendment) Regulations, 2007

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....19th December, 2007             G.S.R. 209(E).-ln exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and sub­section (2) of 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 Issu....

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....t of the Indian Party in Joint   Ventures/Wholly Owned Subsidiaries shall not exceed 400% of the net worth         of the Indian Party as on the date of the last audited balance sheet". (ii)  In sub-regulation (2), in clause (i), in the Explanation, for the words and figures "For the purpose of determining 'total financial commitment' within the....

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....hall be substituted. 3. Amendment of Regulation 6B.-In the principal   Regulations, in Regulation 6B, (i)  in clause (a), the words and figures "and has in its name share holding of not less than 10% in any listed Indian company as on 1st January of the year of investment" shall be omitted. (ii) in clause (b), in sub clause (i), for the words and figures "35% of the net wor....