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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India ) (Amendment) Regulations, 2007
December, 06th 2007
NOTIFICATION NO. G.S.R. 712(E) [FEMA 166/2007-RB], DATED 17-10-2007
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 and Commencement.
1.         (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Amendment) Regulations, 2007.
(ii)        These amendments come into force from the date of publication in the Gazette.
Amendment to the Regulations.
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).
(i)         In Regulation 2, after sub-regulation [ iii (a)], the following sub-regulation shall be inserted, namely :
"[iii] (b) "Foreign Central Bank" means an institution/organization/body corporate established in a country outside India and entrusted with the responsibility of carrying out central bank functions under the law for the time being in force in that country."
(ii)        In Regulation 5, for sub-regulation (4) the following sub-regulation shall be substituted, namely :
"(4) A non-resident Indian or a registered FII or a Foreign Central Bank may purchase securities, other than shares or convertible debentures of an Indian company, subject to the terms and conditions specified in Schedule 5."
(iii)       In Schedule 5, after paragraph 2, the following new paragraph shall be inserted, namely:
"2A. Permission to Foreign Central Banks for purchase of Government Securities
A Foreign Central Bank may purchase and sell dated Government securities/treasury bills in the secondary market - subject to the conditions as may be stipulated by the Reserve Bank from time to time".
[F. No. 1/23/EM/2000 Vol. IV]
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