Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2018

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....o the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2017 (Notification No. FEMA. 20 (R)/2017-RB dated November 07, 2017) (hereinafter referred to as 'the Principal Regulations'), namely:- 1. Short Title & Commencement (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2018. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment to Regulation 16.B In Regulation 16.B, (i) The existing sub-regulation 5, shall be substituted by the following namely: "(5) (a) Foreign Investment in investing companies not registe....

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....Limited shall be subject to the following conditions: (i) Foreign investment in M/s Air India Ltd., including that of foreign airline(s), shall not exceed 49% either directly or indirectly. (ii) Substantial ownership and effective control of M/s Air India Ltd. shall continue to be vested in Indian Nationals." (v) In SL.No 9.5, Note (3) shall be deleted. (vi) In SL. No 10.2, after Note 6, a new Note 7 shall be inserted, namely: "(7) Real estate broking services shall be excluded from the definition of "real estate business" and 100% foreign investment is allowed in real estate broking services under automatic route." (vii) In SL.No 15.3, under the column Entry route, the words, "Automatic up to 49%; Government route beyond 49%" shall....

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....and Note 3 shall be deleted. (xii) In SL.No 15.3.1, the existing Note 5 shall be substituted by the following, namely: "Sourcing norms will not be applicable up to three years from commencement of the business i.e. opening of the first store for entities undertaking single brand retail trading of products having 'state-of-art' and 'cutting-edge' technology and where local sourcing is not possible. Thereafter, condition mentioned at 15.3.1(e) above will be applicable. A Committee under the Chairmanship of Secretary, DIPP, with representatives from NITI Aayog, concerned Administrative Ministry and independent technical expert(s) on the subject will examine the claim of applicants on the issue of the products being in the nat....