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Foreign Exchange Management (Transfer or Issue of Any Foreign Security)
(Amendment) Regulations, 2003
FEMA
Notification No. 79 dated 15th January 2003
In
exercise of the powers conferred by clause (a) of Sub-section (3) of section 6,
and Sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999
(42 of 1999), and in partial modification of its Notification No. FEMA 19/
RB-2000 dated May 3, 2000, the Reserve Bank of India makes the following
amendments in the Foreign Exchange Management (Transfer or Issue of any Foreign
Security) Regulations, 2000, namely; -
1.
Short Title and Commencement:
(i)
These Regulations may be called the �Foreign Exchange Management
(Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2003�.
(ii)
They shall come into force on their publication in the Official Gazette.
2.
Amendment of the Regulations:
In
the Foreign Exchange Management (Transfer or Issue of any Foreign Security)
Regulations, 2000, in regulation 6, in sub-regulation (2):
(a)
in clause (i) for the proviso, the following proviso shall be
substituted, namely:
�Provided
that in respect of commitment on Joint Ventures/ Wholly Owned Subsidiaries
in Myanmar and SAARC countries (other than Nepal, Bhutan and Pakistan) the total
commitment shall not exceed US$ 150 million or equivalent in any one financial
year.�
(b)
in clause (ii), for the words and figures �Rupees 350 crores� the
words and figures �Rupees 700 crores� shall be substituted.
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