Notification No: RBI Notification No FEMA 122/2004 RB
G.S.R.625(E).-- 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 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. Short Title and Commencement
1. (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Fourth Amendment) Regulations, 2004.
(2) They shall come into force on the 30th day of August, 2004.
2. Amendment of the Regulations
2. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000,
A. Regulation 2(vii a) shall be substituted as under : "NRI shall have the same meaning assigned to him under the Foreign Exchange Management (Deposit) Regulations, 2000."
B. In Regulation 5 in sub-regulation (1), the words "or Sri Lanka" shall be deleted.
Foot note No.2: It is clarified that no person will be adversely affected as a result of retrospective effect being given to these regulations.
(Foot Note No. 2 has been inserted vide CORRIGENDUM, DT. 22/07/2005)
[No.1/23/EM/2000-Vol.III]
SHYAMALA GOPINATH, Executive Director
Ozg FEMA Consultant
Ozg Consulting (P) Limited
Website: http://fema.ozg.in/
Email: fema.consultant@ozg.co.in
