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Date: 2015-01-05 Category: Extra Ordinary State: Union Government Country: India

These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Fourth Amendment) Regulations, 2014.

Issued by Reserve Bank of India · Foreign Exchange Department

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Executive Summary & Key Takeaways

Executive Summary: This notification from the Reserve Bank of India announces the Foreign Exchange Management Transfer or Issue of any Foreign Security Fourth Amendment Regulations, 2014. Published on January 5, 2015, it amends the 2004 regulations regarding overseas direct investment. Key changes include modifications to regulations for proprietorship concerns and unregistered partnership firms and the deletion of Schedule II. The regulations take effect from the date of publication in the Official Gazette. Key Points / Main Content: * **Short Title and Commencement:** * These regulations are called the "Foreign Exchange Management Transfer or Issue of Any Foreign Security Fourth Amendment Regulations, 2014." * The regulations come into force from the date of their publication in the Official Gazette. * **Amendment to Regulation 19A:** * Regulation 19A is substituted with a new regulation. * Proprietorship concerns or unregistered partnership firms in India, meeting the Reserve Bank's criteria for Overseas Direct Investment, may set up or acquire a Joint Venture (JV) or Wholly Owned Subsidiary (WOS) outside India with prior Reserve Bank approval. * **Amendment to Schedule II:** * The existing Schedule II is deleted. Impact Analysis: * **Proprietorship Concerns and Unregistered Partnership Firms in India:** * Impact: These entities now have revised guidelines for Overseas Direct Investment, allowing them to establish or acquire JVs or WOSs abroad subject to RBI approval. * Action Required: Ensure they meet the criteria prescribed by the Reserve Bank for Overseas Direct Investment and obtain prior approval from the Reserve Bank before setting up or acquiring a JV/WOS outside India. * **Reserve Bank of India:** * Impact: The Reserve Bank is responsible for enforcing the amended regulations and providing approvals for Overseas Direct Investments. * Action Required: Implement the new regulations and process applications for Overseas Direct Investment from proprietorship concerns and unregistered partnership firms. * **Entities involved in Foreign Exchange Management:** * Impact: Must adhere to the updated regulations concerning the transfer or issue of foreign securities. * Action Required: Update their processes and ensure compliance with the new regulations.

Key Entities Referenced

Foreign Exchange Management Act, 1999: An act of the Parliament of India to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India. Reserve Bank of India: The central bank of India. Foreign Exchange Management Transfer or Issue of Any Foreign Security Regulations 2004: Regulations pertaining to the transfer or issue of foreign securities under the Foreign Exchange Management Act. Mumbai, Maharashtra: The city in India where the Reserve Bank of India's Foreign Exchange Department Central Office is located, as indicated in the notification. Foreign Exchange Management Transfer or Issue of any Foreign Security Fourth Amendment Regulations, 2014: An amendment to the Foreign Exchange Management Transfer or Issue of Any Foreign Security Regulations. Overseas Direct Investment: Investment made to acquire controlling interest in a foreign business Joint Venture: A business undertaking in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. Wholly Owned Subsidiary: A company whose entire stock is owned by another company, known as the parent company.
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Aीिनवासन, मुBय महा(cid:5)बंधक पपपपाााादददद (cid:1)(cid:1)(cid:1)(cid:1)टटटट....पपपपणणणणीीीी:::: मूल िविनयमावली भारत सरकार के सरकारी राजप1 के भाग II, खंड 3, उप-खंड (i) म) 19 नवंबर 2004 के सा.का.िन. 757(अ) (cid:14)ारा (cid:5)कािशत और तदपु रांत िन*िलिखत (cid:14)ारा संशोिधत क(cid:10) गई थी :- सा.का.िन. 220 (अ) "दनांक अ(cid:5)ैल 7, 2005, सा.का.िन. 337 (अ) "दनांक मई 27, 2005, सा.का.िन. 552 (अ) "दनांक अग4त 31, 2005, सा.का.िन. 535 (अ) "दनांक िसतंबर 6, 2006, सा.का.िन.13 (अ) "दनांक जनवरी 5, 2008, सा.का.िन. 209 (अ), "दनांक माच(cid:30) 25, 2008, सा.का.िन. 676 (अ), "दनांक िसतंबर 24, 2008, सा.का.िन. 756 (अ), "दनांक अ(cid:20)ूबर 31, 2008, सा.का.िन. 108 (अ), "दनांक फरवरी 20, 2009, सा.का.िन. 301(अ), "दनांक मई 1, 2009, सा.का.िन. 441(अ), "दनांक जून 23, 2009, सा.का.िन. 609(अ), "दनांक अग4त 28, 2009, सा.का.िन. 607(अ), "दनांक अग4त 3, 2012, सा.का.िन. 609(अ), "दनांक अग4त 3, 2012, सा.का.िन. 947(अ), "दनांक "दसंबर 31, 2012, सा.का.िन. 345(अ), "दनांक मई 29, 2013, सा.का.िन. 516(अ), "दनांक जुलाई 30, 2013, सा.का.िन. 529(अ), "दनांक अग4त 05, 2013, सा.का.िन. 552(अ), "दनांक अग4त 14, 2013 सा.का.िन. 323(अ), "दनांक मई 07, 2014 सा.का.िन. 489(अ), "दनांक जुलाई 11, 2014 और सा.का.िन. _____ "दनांक ______________¹Hkkx IIµ[k.M 3 (i)º Hkkjr dk jkti=k % vlk/kj.k 3 RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 12th November, 2014 Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Fourth Amendment) Regulations, 2014 G.S.R. 7(E).—In exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations 2004 (Notification No. FEMA.120/RB-2004 dated July 7, 2004), as amended from time to time, (hereinafter called the Principal Regulations or the Notification) namely:- 1. Short Title & Commencement (i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Fourth Amendment) Regulations, 2014. (ii) They shall come into force from the date of publication in the Official Gazette. 2. Amendment to Regulation 19A The existing Regulation 19A shall be substituted with the following, namely: “19A. Overseas Direct Investments by Proprietorship Concern / Unregistered Partnership Firm in India A proprietorship concern or an unregistered partnership firm in India, satisfying the criteria for Overseas Direct Investment as prescribed by the Reserve Bank from time to time, may set up / acquire a Joint Venture (JV) / Wholly Owned Subsidiary (WOS) outside India with the prior approval of the Reserve Bank.” 3. Amendment to Schedule II The existing Schedule II stands deleted. [No. FEMA. 325/ RB-2014] C. D. SRINIVASAN, Chief General Manager Foot Note: The Principal Regulations were published in the Official Gazette of GOI vide G.S.R. No 757 (E) dated November 19, 2004 – in Part II, Section 3, Sub-section (i) and subsequently amended vide:- G.S.R. No. 220 (E) dated April 7, 2005, G.S.R. No. 337 (E) dated May 27, 2005, G.S.R. No. 552 (E) dated August 31, 2005, G.S.R. No. 535 (E) dated September 6, 2006, G.S.R. No.13 (E) dated January 5, 2008, G.S.R. No. 209(E) dated March 25, 2008, G.S.R. No.676 (E) dated September 24, 2008, G.S.R. No.756 (E) dated October 31, 2008, G.S.R. No.108 (E) dated February 20, 2009, G.S.R. No. 301(E) dated May 1, 2009,4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] G.S.R. No. 441(E) dated June 23, 2009, G.S.R. No. 609(E) dated August 28, 2009, G.S.R. No. 607(E) dated August 3, 2012, G.S.R. No. 609(E) dated August 3, 2012, G.S.R. No. 947(E) dated December 31, 2012, G.S.R. No. 345(E) dated May 29, 2013, G.S.R. No. 516(E) dated July 30, 2013, G.S.R. No. 529(E) dated August 05, 2013, G.S.R. No. 552(E) dated August 14, 2013, G.S.R. No. 323(E) dated May 07, 2014 G.S.R. No. 489(E) dated July 11, 2014 and G.S.R. No. _____ dated ___________ Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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