RBI-Foreign Direct Investment in Financial Sector – Transfer of Shares RBI-Foreign Direct Investment in Financial Sector – Transfer of Shares Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

« Latest Circulars »

Open DEMAT Account in 24 hrs
CORRIGENDUM TO TRADE NOTICE NO. 06/2026-CENTRAL TAX-Territorial re-organization of Divisions and Ranges within the jurisdiction of CGST & CX, Ahmedabad South Commissionerate
FORM OF DECLARATION UNDER SUB SECTION (1) OF SECTION 214 OF THE FINANCE ACT, 2016 (28 OF 2016), IN RESPECT OF INDIRECT TAX DISPUTE RESOLUTION SCHEME, 2016
MINISTRY OF FINANCEDEPARTMENT OF REVENUE NOTIFICATIONNo. [02/2026]1 – Central Tax
NOTIFICATIONNo. 03/2026–Central Tax CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
Notification No. 04/2026– Central Tax Central Board of Indirect Taxes and Customs
Central Board of Indirect Taxes and CustomsNotification No. 05/2026–Central Tax
Seeks to amend notification No. 5/2017- Central Tax dated 19th June, 2017
Seeks to amend notification No. 5/2017- Central Tax dated 19th June, 2017
Seeks to amend notification No. 5/2017- Central Tax dated 19th June, 2017
TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION
Seeks to amend notification No. 27/2018- Integrated Tax (Rate) dated 31st December, 2018


« RBI-Foreign investment in India - participation by SEBI...	Regarding Audit Report No. 15/2011-12, Section 2 – Duty... »
RBI-Foreign Direct Investment in Financial Sector Transfer of Shares

November, 12th 2013
RBI/2013-14/366 A. P. (DIR Series) Circular No.72 November 11, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Foreign Direct Investment in Financial Sector – Transfer of Shares Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Regulation 10(A)(v) of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000-RB dated May 3, 2000, as amended from time to time and Para 2(B)(iv) of A.P.(DIR Series) Circular No.43 dated November 4, 2011, in terms which for transfer of shares from Residents to Non-Residents where the investee company is in the financial services sector, No Objection Certificate (NoC) is required to be obtained from the respective financial sector regulator/regulators of the investee company as well as transferor and transferee entities and such NoC(s) are to be filed with the form FC-TRS to the AD bank. 2. On a review, it has now been decided that the requirement of NoC(s) will be waived from the perspective of Foreign Exchange Management Act, 1999 and no such NoC(s) need to be filed along with form FC-TRS. However, any 'fit and proper/ due diligence' requirement as regards the non-resident investor as stipulated by the respective financial sector regulator shall have to be complied with. 3. All the other instructions contained in the above referred A.P.(DIR Series) Circular shall remain unchanged. 4. AD Category – I banks may bring the contents of the circular to the notice of their customers/constituents concerned. 5. Reserve Bank of India has since amended the relevant Regulations and notified vide Notification No.FEMA.290/2013-RB dated October 4, 2013, notified vide. G.S.R.No.682(E) dated October 11, 2013. 6. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (Rudra Narayan Kar) Chief General Manager-in-Charge RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI-400 001 Notification No.FEMA.290/2013-RB Dated : October 04, 2013 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fourteenth Amendment) Regulations, 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), hereinafter referred to as 'the principal Regulations,' namely:- 1. Short Title & Commencement:- (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fourteenth Amendment) Regulations, 2013. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment of Regulation 10 In the Principal Regulations, in Regulation 10A(b)(v), clause (a) shall be deleted. (C.D. Srinivasan) Chief General Manager Foot Note:- The Principal Regulations were published in the Official Gazette vide G.S.R. No.406 (E) dated May 8, 2000 in Part II, Section 3, sub-Section (i) and subsequently amended as under:- G.S.R.No. 158(E) dated 02.03.2001 G.S.R.No. 175(E) dated 13.03.2001 G.S.R.No. 182(E) dated 14.03.2001 G.S.R.No. 4(E) dated 02.01.2002 G.S.R.No. 574(E) dated 19.08.2002 G.S.R.No. 223(E) dated 18.03.2003 G.S.R.No. 225(E) dated 18.03.2003 G.S.R.No. 558(E) dated 22.07.2003 G.S.R.No. 835(E) dated 23.10.2003 G.S.R.No. 899(E) dated 22.11.2003 G.S.R.No. 12(E) dated 07.01.2004 G.S.R.No. 278(E) dated 23.04.2004 G.S.R.No. 454(E) dated 16.07.2004 G.S.R.No. 625(E) dated 21.09.2004 G.S.R.No. 799(E) dated 08.12.2004 G.S.R.No. 201(E) dated 01.04.2005 G.S.R.No. 202(E) dated 01.04.2005 G.S.R.No. 504(E) dated 25.07.2005 G.S.R.No. 505(E) dated 25.07.2005 G.S.R.No. 513(E) dated 29.07.2005 G.S.R.No. 738(E) dated 22.12.2005 G.S.R.No. 29(E) dated 19.01.2006 G.S.R.No. 413(E) dated 11.07.2006 G.S.R.No. 712(E) dated 14.11.2007 G.S.R.No. 713(E) dated 14.11.2007 G.S.R.No. 737(E) dated 29.11.2007 G.S.R.No. 575(E) dated 05.08.2008 G.S.R.No. 896(E) dated 30.12.2008 G.S.R.No. 851(E) dated 01.12.2009 G.S.R.No. 341 (E) dated 21.04.2010 G.S.R.No.821 (E) dated 10.11.2012 G.S.R.No. 606(E) dated 03.08.2012 G.S.R.No. 795(E) dated 30.10.2012 G.S.R.No. 796(E) dated 30.10.2012 G.S.R. No. 797(E) dated 30.10.2012 G.S.R. No.945(E) dated 31.12.2012 G.S.R. No.946(E) dated 31.12.2012 G.S.R. No.38(E) dated 22.01.2013 G.S.R.No.515(E) dated 30.07.2013, G.S.R.No.532(E) dated 05.08.2013, G.S.R. No.341(E) dated 28.05.2013 G.S.R.No.344(E) dated 29.05.2013 G.S.R. No.195(E) dated 01.04.2013 G.S.R.No.393(E) dated 21.06.2013, G.S.R.No.591(E) dated 04.09.2013 G.S.R.No.596(E) dated 06.09.2013 G.S.R.No.597(E) dated 06.09.2013 G.S.R.No._____ dated ________ Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 11.10.2013- G.S.R.No.682(E)