TaxTMI 
TaxTMI 
FEMA (Transfer or issue of security by a person resident outside India) (Second Amendment) Regulations, 2012 - Amendment in regulations 2 & 5 and insertion of regulation 13
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....ndment in regulations 2 & 5 and insertion of regulation 13 NOTIFICATION NO. FEMA 224/2012-RB DATED 7-3-2012 G.S.R. 606(E),-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 ....
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....i) in regulation 2, after clause (iic), the following clauses shall be inserted, namely:- "(iid) 'Domestic Depository' shall have the meaning as assigned to it in the Companies (Issue of Indian Depository Receipts) Rules, 2004; (iie) "Eligible Company" means a Company eligible to issue Indian Depository Receipts under rule 4 of the Companies (Issue of Indian Depository Rec....
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....s and conditions specified in Para 2 of Schedule 7." (c) after regulation 12, the following regulation shall be inserted, namely:- "13. Issue of Indian Depository Receipts. An eligible company resident outside India may issue IDRs through a Domestic Depository, to persons resident in India and outside India, subject to the terms and conditions specified in Para 1 of Schedule 7." ....
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....). (d) IDRs shall be denominated in Indian Rupees only. (e) The proceeds of the issue of IDRs shall be immediately repatriated outside India by the eligible companies issuing such IDRs. 2. Purchase / sale of IDRs :- A SEBI registered FII including SEBI approved sub-accounts of the FIIs or an NRI may purchase, hold or sell IDRs, subject to the following terms and conditions :- (a) NRIs may inve....