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Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Fourth Amendment) Regulations, 2014

RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI-400 001

Notification No. FEMA. 325/RB-2014

November 12, 2014

Foreign Exchange Management (Transfer or Issue of any
Foreign Security) (Fourth Amendment) Regulations, 2014

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), the Reserve Bank hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations 2004 (Notification No. FEMA.120/RB-2004 dated July 7, 2004), as amended from time to time, (hereinafter called the Principal Regulations or the Notification) namely:-

1. Short Title & Commencement

(i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Fourth Amendment) Regulations, 2014.

(ii) They shall come into force from the date of publication in the Official Gazette.

2. Amendment to Regulation 19A

The existing Regulation 19A shall be substituted with the following, namely:

“19A. Overseas Direct Investments by Proprietorship Concern / Unregistered Partnership Firm in India

A proprietorship concern or an unregistered partnership firm in India, satisfying the criteria for Overseas Direct Investment as prescribed by the Reserve Bank from time to time, may set up / acquire a Joint Venture (JV) / Wholly Owned Subsidiary (WOS) outside India with the prior approval of the Reserve Bank.”

3. Amendment to Schedule II

The existing Schedule II stands deleted.

(C D Srinivasan)
Chief General Manager


Foot Note:

The Principal Regulations were published in the Official Gazette of GOI vide G.S.R. No 757 (E) dated November 19, 2004 – in Part II, Section 3, Sub-section (i) and subsequently amended vide:-

G.S.R. No. 220 (E) dated April 7, 2005,
G.S.R. No. 337 (E) dated May 27, 2005,
G.S.R. No. 552 (E) dated August 31, 2005,
G.S.R. No. 535 (E) dated September 6, 2006,
G.S.R. No.13 (E) dated January 5, 2008,
G.S.R. No. 209(E) dated March 25, 2008,
G.S.R. No.676 (E) dated September 24, 2008,
G.S.R. No.756 (E) dated October 31, 2008,
G.S.R. No.108 (E) dated February 20, 2009,
G.S.R. No. 301(E) dated May 1, 2009,
G.S.R. No. 441(E) dated June 23, 2009,
G.S.R. No. 609(E) dated August 28, 2009,
G.S.R. No. 607(E) dated August 3, 2012,
G.S.R. No. 609(E) dated August 3, 2012,
G.S.R. No. 947(E) dated December 31, 2012,
G.S.R. No. 345(E) dated May 29, 2013,
G.S.R. No. 516(E) dated July 30, 2013,
G.S.R. No. 529(E) dated August 05, 2013,
G.S.R. No. 552(E) dated August 14, 2013,
G.S.R. No. 323(E) dated May 07, 2014
G.S.R. No. 489(E) dated July 11, 2014 and
G.S.R. No. _____ dated ___________

Published in the Official Gazette of Government
of India – Extraordinary – Part-II, Section 3,
Sub-Section (i) dated 05.01.2015- G.S.R.No.7(E)

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