Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2013

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....f Any Foreign Security) Regulations, 2004 (Notification No. FEMA 120-RB-2004 dated July 7, 2004), as amended from time to time, (hereinafter called the Principal Regulations or the Notification) namely:- 1. Short Title & Commencement:- (i) These Regulations shall be, called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2013. (ii) They shall come into force from the date of publication in Official Gazette 2. Insertion of New Regulation 20A In Part II, after Regulation 20, the following Regulation shall be inserted: "20A. Acquisition or Setting up of a JV or WOS abroad by resident individual A resident individual (single or in association with another resident individual or wit....

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....the resident individual under Liberalised Remittance Scheme as prescribed by the Reserve Bank from time to time. [Explanation: The investment made out of the balances held in EEFC / RFC account shall also be restricted to the limit prescribed under LRS.] 6. The JV or WOS, to be acquired / set up by a resident individual under this Schedule, shall be an operating entity only and no step down subsidiary is allowed to be acquired or set up by the JV or WOS. 7. For the purpose of making investment under this Schedule, the valuation shall be as per Regulation 6(6)(a) of this Notification. 8. The financial commitment by a resident individual to / on behalf of the JV or WOS, other than the overseas direct investments as defined under Regulat....