TaxTMI 
TaxTMI 
FEMA (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) (THIRD AMENDMENT) REGULATIONS, 2012 – AMENDMENT IN REGULATION 9, SCHEDULES 1 & 4
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....er or Issue of Security by a Person Resident Outside India) Regulations, 2000 (Notification No. FEMA 20/2000-RB, dated 3rd May, 2000), namely: - Short Title & Commencement 1. (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Third Amendment) Regulations, 2012. (ii) Save as otherwise provided in these Regulations, the provisions of these Regulations shall come into force from the date of the Consolidated FDI Policy Circular No. 1 of 2011 i.e., March 31, 2011, issued by the Department of Industrial Policy and Promotion, Government of India. Amendment of Regulation 9 2. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Residen....
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....he valuation by a Committee consisting of Development Commissioner and the appropriate Customs officials." (C) for the existing paragraph 3, the following paragraph shall be substituted:- "3. An Indian company intending to issue shares to a person resident outside India in accordance with these Regulations directly against foreign inward remittance (or by debit to NRE account/FCNR account) or against consideration other than inward remittance i.e., against royalty/lump sum fee due for payment/import of capital goods by units in SEZs/ECBs (excluding those deemed as ECBs) shall obtain prior approval of the Foreign Investment-Promotion Board (FIPB) of Government of India, if the Indian company ; (a) is engaged or proposes to engage, in any ....
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....illos and cigarettes, of tobacco or of tobacco substitutes; and ix. Activities/sector not opened to private sector investment e.g. Atomic Energy and Railway Transport (other than Mass Rapid Transport Systems). Foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract is also prohibited for Lottery Business and Gambling and Betting activities. Amendment of Schedule 4 4. In Schedule 4, in paragraph 2, the following shall be deleted: "Provided that the person to whom the shares are being transferred, shall obtain prior permission of the Central Government to acquire the shares if he has, as on 12th day of January, 2005, an existing joint venture or technology transfer/tradem....