1.     Short title and commencement:

(i)     These Regulation may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2001.

(ii)    They shall come into force with immediate effect.

2.     Amendment of the Regulations:

In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (hereinafter referred to as "the Principal Regulations"),

In Regulations 5, for sub-regulation (3), the following sub-regulation shall be substituted, namely: -

(i)     A Non-resident Indian (NRI) may purchase shares or convertible debentures of an Indian Company on a Stock Exchange under Portfolio Investment Scheme, subject to the terms and conditions specified in Schedule 3, provided that the NRI shall not purchase shares or convertible debentures of an Indian Company which is engaged in Print Media sector.

(ii)    A non-resident Indian or an Overseas Corporate Body may purchase shares or convertible debentures of an Indian company on non-repatriation basis other than under Portfolio Investment Scheme subject to the terms and conditions specified in Schedule 4, provided that the NRI or OCB shall not purchase shares or convertible debentures of an Indian Company which is engaged in Print Media sector."

3.     Amendment of Schedule 3:

In Schedule 3 to the Principal Regulations, -

i.      in the Heading, for the words "NRI/OCB", the word "NRI" shall be substituted;

ii.     in paragraph 1,

a.     for the words "NRI/ OCB", "NRI or OCB", and "NRIs or OCBs" wherever they occur, the words "NRI", "NRI" and "NRIs" respectively shall be substituted;

b.     the words "or an Overseas Corporate Body (OCB)" shall be omitted;

c.     in sub-paragraph (i), for the words "his/its", the word "his" shall be substituted;

d.     sub-paragraph (vii) shall be omitted;

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