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January 2016

Notification No. FEMA 359/2015-RB dated 2nd December, 2015

By Gaurang Gandhi
Reading Time 1 mins
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Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2015

This Notification has amended the Regulation 21 of Notification No. FEMA. 120/2004-RB dated July 7, 2004 (Transfer or Issue of Any Foreign Security), as under: –

Amendment of the Regulation 21 (2) (ii)

After Regulation 21 (2) (ii), the following proviso shall be inserted, namely: –

“Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, change / prescribe for the automatic as well as the approval route of FCCBs, any provision or proviso for issuance of FCCBs”.

Amendment to the Regulation 21 (2) (iii)

After Regulation 21 (2) (iii), the following proviso shall be inserted, namely: –

“Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, change / prescribe any provision or proviso for issuance of FCEBs”.

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Notification No. FEMA 358/2015-RB dated 2nd December, 2015