FEM (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA)
(FIFTH AMENDEMENT) REGULATIONS, 2013 - AMENDMENT IN REGULATION 10
NOTIFICATION [NO.FEMA 265/2013-RB]/GSR 532(E), DATED 5-3-2013
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), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person
Resident Outside India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB, dated 3rd May, 2000) namely:—
Short Title & Commencement
1. (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Fifth Amendment) Regulations, 2013.
(ii) They shall come into force from the date of publication in Official Gazette.
Amendment to Regulation 10
2. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, (Notification No. FEMA. 20/2000-RB, dated 3rd May, 2000), in Regulation 10, after sub-regulation B, the following sub-regulation shall be added, namely :—
''C. A person resident outside India may open an Escrow account with an authorized dealer bank in Indian Rupees in India, subject to the terms and conditions as specified in the Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time for acquisition of shares or convertible debentures through open offers/delisting/exit offers, subject to compliance with the relevant SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended from time to time. Such Escrow account may be funded by way of inward remittance through normal banking channel and/or by way of guarantee issued by an authorized dealer bank, subject to terms and conditions as specified in the Foreign Exchange Management (Guarantees) Regulations, as amended from time to time.''
NOTIFICATION [NO.FEMA 265/2013-RB]/GSR 532(E), DATED 5-3-2013
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), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person
Resident Outside India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB, dated 3rd May, 2000) namely:—
Short Title & Commencement
1. (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Fifth Amendment) Regulations, 2013.
(ii) They shall come into force from the date of publication in Official Gazette.
Amendment to Regulation 10
2. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, (Notification No. FEMA. 20/2000-RB, dated 3rd May, 2000), in Regulation 10, after sub-regulation B, the following sub-regulation shall be added, namely :—
''C. A person resident outside India may open an Escrow account with an authorized dealer bank in Indian Rupees in India, subject to the terms and conditions as specified in the Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time for acquisition of shares or convertible debentures through open offers/delisting/exit offers, subject to compliance with the relevant SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended from time to time. Such Escrow account may be funded by way of inward remittance through normal banking channel and/or by way of guarantee issued by an authorized dealer bank, subject to terms and conditions as specified in the Foreign Exchange Management (Guarantees) Regulations, as amended from time to time.''
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