TaxTMI 
TaxTMI 
Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Fifth Amendment) Regulations, 2013
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....anagement (Transfer or Issue of any Foreign Security) (Fifth Amendment) Regulations, 2013 G.S.R. 552(E).-In 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 Issue ....
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....from time to time, of the net worth of the Indian Party as on the date of the last audited balance sheet. Explanation: For the purpose of determining the 'total financial commitment' within the limit of 100%, or as decided by the Reserve Bank from time to time, of the net worth, the following shall be reckoned, namely: (a) Remittance by market purchases, namely in freely convertible currenci....
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.... for the financial exposure of 100 per cent, or as decided by the Reserve Bank from time to time, of the net worth of the Indian party, the Indian party shall seek the prior approval of the Reserve Bank before remitting funds from India, on account of such invocation. (g) Hundred per cent of the value of the bank guarantee issued by a resident bank on behalf of an overseas JV/WOS of the Indian ....
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.... the Indian Party as on the date of last audited balance sheet; Explanation: For the purpose of the limit of 100%, or as decided by the Reserve Bank from time to time, of the net worth, the following shall be reckoned, namely:" (iii) In Regulation 6, in sub-regulation (3), for clause (ii)(h) the following shall be substituted: "(h) Fifty per cent of the value of performance guarantee issu....