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RESERVE BANK
OF INDIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI – 400 001
Notification
No.FEMA/46/2001-RB
Dated November
29, 2001.
Foreign Exchange
Management (Transfer or Issue of
Security by a Person Resident outside India)
(Amendment) Regulations, 2001
In exercise
of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section
47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in partial
modification of its Notification
No.FEMA 20/2000-RB dated 3rd May, 2000, the Reserve Bank of India
makes the following Regulations to amend the Foreign Exchange Management (Transfer
or Issue of Security by a Person Resident outside India) Regulations, 2000,
namely :-
Short title
and commencement :-
1. (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.
Amendment
of the Regulations:-
2. 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 :-
'(3) (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.'
Amendment
of Schedule 3 –
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;
iii. for
paragraph 2, the following paragraph shall be substituted,namely :-
'The link
office of the designated branch of an authorised dealer referred to in paragraph
1 shall furnish to the Chief General Manager, RBI, ECD, Central Office, Mumbai,
a report on daily basis on PIS transactions undertaken by it, such report
to be furnished on line or on floppy or in hard copy in a format supplied
by Reserve Bank'.
(K. J. Udeshi)
Executive Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 02.01.2002 - G.S.R.No.4(E)
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