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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations Amended

  

Notification No: RBI Notification No FEMA 118/2004 RB*

G.S.R. 454(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 amendment 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

(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2004.

(ii) They shall come into force with immediate effect.

2. Amendment to the Regulations:

In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, in Schedule I, in paragraph 4, in sub-paragraph (4), the existing Clause (a) may be replaced with the following clause:

(a) deposits with or Certificate of Deposit or other instruments offered by banks who have been rated by Standard and Poor, Fitch, IBCA or Moodys etc.; and such rating not being less than the rating stipulated by Reserve Bank from time to time for the purpose..


Sd/-

(Shyamala Gopinath)
Executive Director
F. No. 1/23/EC/2000-Vol.II

* Published in the Gazette of India on 16/7/04.
 
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