Liberalised Remittance Scheme (LRS) for resident
individuals-Increase in the limit from USD 75,000 to USD 125,000
Attention of Authorised Dealer Category-I (AD Category-I)
banks is invited to the guidelines regarding the Liberalised Remittance Scheme
(LRS) for Resident Individuals (the Scheme).
Issue of
Partly Paid Shares and Warrants by Indian Company to Foreign Investors
Attention
of Authorized Dealers Category –I (AD Category-I) banks is invited to the
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident
outside India) Regulations, 2000 (principal Regulations) notified by the
Reserve Bank of India vide Notification No.FEMA.20/2000-RB dated 3rd
May 2000, in terms of which only equity shares and compulsorily and
mandatorily convertible preference shares/debentures are recognised as Foreign
Direct Investment (FDI) compliant instruments. Further, equity shares or
compulsorily and mandatorily convertible preference shares/debentures
containing an optionality clause but without any option/ right to exit at an
assured price have also been recognised as FDI compliant instruments.
Attention of Authorized
Dealers Category – I (AD Category - I) banks is invited to Regulation
10(A)(b)(i), para 5 of Schedule 1, para 1(5) of Schedule 2 and para 2(iv) of
Schedule 2A to the Foreign Exchange Management (Transfer or Issue of Security
by a Person Resident outside India) Regulations, 2000 (the Principal
Regulations) notified vide Notification No. FEMA.20/2000-RB dated
May 3, 2000 as
amended from time to time, in terms of which, transfer/issue of shares of an
Indian company is subject to pricing guidelines stipulated by the Reserve Bank
and to A.P. (DIR Series) Circular No. 49 dated
May 04, 2010, depicting the comprehensive position in this regard.
Attention of Authorised
Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is
invited to the A.P. (DIR Series) Circular No. 89 dated
March 12, 2013 on Money Transfer Service Scheme – Revised Guidelines,
as amended from time to time.
As per para (a) of Annex-II of the above
mentioned circular, the application for obtaining first time approval to enter
into Rupee / Foreign Currency Drawing Arrangements with Exchange Houses needs
to be submitted by the AD Cat-I Bank, in the prescribed format, to the Chief
General Manager-In-Charge, Foreign Exchange Department, Forex Markets Division,
Reserve Bank of India, Central Office, Mumbai - 400001. It has now been decided
to delegate the work of granting first time permission to AD Cat-I Banks for
entering into Rupee Drawing Arrangement (RDA) with non-resident exchange house
to the Regional Offices of the Reserve Bank.
Attention of Authorised
Dealers Category-I (AD Category - I) banks is invited to the provisions of the
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident
outside India) Regulations 2000, notified by the Reserve Bank vide Notification No.FEMA20/2000-RB, dated
3rd May 2000, as amended from time to time.
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