Foreign Exchange Management (Transfer Or Issue Of Security By A Person Resident Outside India) (Seventh Amendment) Regulations, 2012 - Amendment In Regulation 5 And Schedule 1

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....ber, 2012 Foreign Exchange Management (Transfer Or Issue Of Security By A Person Resident Outside India) (Seventh Amendment) Regulations, 2012 - Amendment In Regulation 5 And Schedule 1 G.S.R. 946(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 th....

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.... be added, namely:- "(iii) Further, notwithstanding anything contained in clause (i) of the sub-regulation (1) above, a person who is a citizen of Pakistan or an entity incorporated in Pakistan may, with the prior approval of the Foreign Investment Promotion Board of the Government of India, purchase shares and convertible debentures of an Indian company under Foreign Direct Investment Scheme, su....

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....convertible debentures issued by an Indian company up to the extent and subject to the terms and conditions set out in this Schedule." [No. FEMA 244/2012-RB] RUDRA NARAYAN KAR, Chief General MAnager ____________ Notes:- 1. It is certified that no person will be adversely affected as a result of the retrospective effect being given to these regulations. These provisions have been notified by D....