Reserve Bank of India
(Exchange Control Department)
Central Office
Mumbai-400 001 Notification No.FEMA.35/2001-RB dated 16th February 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.FEMA20/2000-RB dated 3rd May 2000, the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, as amended from time to time, namely:- 1. (1) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2001. (2) They shall come into force with immediate effect. 2. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, in Regulation 5, (i) after Sub-regulation (2), the following proviso shall be added, namely: "Provided that the FII shall not purchase shares or convertible debentures of an Indian company which is engaged in the print media sector". (ii) after Sub-regulation (3), the following proviso shall be added, namely:
"Provided that the NRI/OCB shall not purchase shares or convertible debentures of an Indian company which is engaged in the print media sector". (iii) after Sub-regulation (5), the following proviso shall be added, namely:
"Provided that the Foreign Venture Capital Investor shall not purchase shares or convertible debentures of an Indian company which is engaged in the print media sector". Sd/-
(J. Capoor)
Deputy Governor |