Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Seventeenth Amendment) Regulations, 2014.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....India) Regulations, 2000 (Notification No. FEMA.20/2000-RB, dated May 3, 2000), (hereinafter referred to as "the principal Regulations') namely :- 1.  Short Title & Commencement (a) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Seventeenth Amendment) Regulations, 2014. (b) They shall come into force from December 15, 2014. 2.  Amendment of the Regulations In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations 2000, (Notification No. FEMA. 20/2000-RB, dated 3rd May, 2000), I.   In Regulation 2: (a)   after clause (iic), the following new c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 8", the words, "under Schedules 1, 2, 3, 6, 8 and 10" shall be substituted. Amendment to Schedule 1 3. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB, dated 3rd May, 2000), in Schedule 1, (a)   paragraph 4, 4A and 4B shall be deleted. (b)   paragraph 6 shall be deleted. (c)   in Annex B, in entry No. 7.5 for the words, "American Depository Receipts (ADRs), Global Depository Receipts (GDRs)", the words "Depository Receipts issued under Schedule 10 of these Regulations with equity shares or compulsorily and mandatorily convertible preference shares or compulsory and mandato....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....gible securities on behalf of a person resident outside India, for the purpose of converting the securities so purchased into depository receipts in terms of, DR Scheme, 2014. (d)   The aggregate of eligible securities which may be issued or transferred to foreign depositories, along with eligible securities already held by persons resident outside India, shall not exceed the limit on foreign holding of such eligible securities under the extant Foreign Exchange Management regulations, as amended from time to time. (e)   The eligible securities shall be issued/transferred to a foreign depository for the purpose of issue of depository receipts in accordance with the DR Scheme, 2014 and guidelines issued b....