{"id":83651,"date":"2016-11-03T10:38:32","date_gmt":"2016-11-03T05:08:32","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=83651"},"modified":"2018-04-27T11:30:36","modified_gmt":"2018-04-27T06:00:36","slug":"the-foreign-exchange-management-transfer-or-issue-of-security-by-a-person-resident-outside-india-eleventh-amendment-regulations-2016-notified","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/03\/the-foreign-exchange-management-transfer-or-issue-of-security-by-a-person-resident-outside-india-eleventh-amendment-regulations-2016-notified\/","title":{"rendered":"The Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eleventh Amendment) Regulations, 2016, notified"},"content":{"rendered":"

G.S.R. 1002(E).\u2014<\/strong>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:\u2014<\/p>\n

1. Short Title & Commencement:-<\/strong><\/p>\n

(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person \u00a0Resident outside India) (Eleventh Amendment) Regulations, 2016.<\/p>\n

(ii) They shall come into force from the date of their publication in the Official Gazette.<\/p>\n

2. Amendment of Schedule 1<\/strong><\/p>\n

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), in Schedule 1, in paragraph 2, after the existing sub-paragraph (4), a new sub-paragraph, by name \u2018(5)\u2019 shall be inserted, namely:<\/p>\n

\u201c(5). A wholly owned subsidiary set up in India by a non-resident entity, operating in a sector where 100 per cent foreign investment is allowed in the automatic route and there are no FDI linked conditionalities, may issue equity shares or preference shares or\u00a0 convertible debentures or warrants to the said non-resident entity against pre-incorporation\/ preoperative expenses incurred by the said non-resident entity up to a limit of five per cent of its capital or USD 500,000 whichever is less, subject to the conditions laid down below.<\/p>\n

a. Within thirty days from the date of issue of equity shares or\u00a0 preference shares or\u00a0 convertible debentures or warrants but not later than one year from the date of incorporation or such time as Reserve Bank of India or Government of India permits, the Indian company shall report the transaction in the Form FC-GPR to the Reserve Bank.<\/p>\n

b. The valuation of the equity shares or preference shares or convertible debentures or warrants shall be subject to\u00a0the provisions of Paragraph 5 of Schedule 1 of these Regulations.<\/p>\n

c. A certificate issued by the statutory auditor of the Indian company that the amount of pre-incorporation\/preoperative expenses against which equity shares or preference shares or convertible debentures or warrants have been issued has been utilized for the purpose for which it was received should be submitted with the FC-GPR form.<\/p>\n

Explanation<\/em>:- Pre-incorporation\/pre-operative expenses shall include amounts remitted to Investee Company\u2019s account, to the investor\u2019s account in India if it exists, to any consultant, attorney or to any other material\/service provider for expenditure relating to incorporation or necessary for commencement of operations.”<\/p>\n

[F. No. 1\/28\/EM\/2015]<\/p>\n

Foot Note:-<\/strong><\/p>\n

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:-<\/p>\n

G.S.R. No. 158(E) dated 02.03.2001<\/p>\n

G.S.R. No. 175(E) dated 13.03.2001<\/p>\n

G.S.R. No. 182(E) dated 14.03.2001<\/p>\n

G.S.R. No. 4(E) dated 02.01.2002<\/p>\n

G.S.R. No. 574(E) dated 19.08.2002<\/p>\n

G.S.R. No. 223(E) dated 18.03.2003<\/p>\n

G.S.R. No. 225(E) dated 18.03.2003<\/p>\n

G.S.R. No. 558(E) dated 22.07.2003<\/p>\n

G.S.R. No. 835(E) dated 23.10.2003<\/p>\n

G.S.R. No. 899(E) dated 22.11.2003<\/p>\n

G.S.R. No. 12(E) dated 07.01.2004<\/p>\n

G.S.R. No. 278(E) dated 23.04.2004<\/p>\n

G.S.R. No. 454(E) dated 16.07.2004<\/p>\n

G.S.R. No. 625(E) dated 21.09.2004<\/p>\n

G.S.R. No. 799(E) dated 08.12.2004<\/p>\n

G.S.R. No. 201(E) dated 01.04.2005<\/p>\n

G.S.R. No. 202(E) dated 01.04.2005<\/p>\n

G.S.R. No. 504(E) dated 25.07.2005<\/p>\n

G.S.R. No. 505(E) dated 25.07.2005<\/p>\n

G.S.R. No. 513(E) dated 29.07.2005<\/p>\n

G.S.R. No. 738(E) dated 22.12.2005<\/p>\n

G.S.R. No.\u00a0\u00a0 29(E) dated 19.01.2006<\/p>\n

G.S.R. No. 413(E) dated 11.07.2006<\/p>\n

G.S.R. No. 712(E) dated 14.11.2007<\/p>\n

G.S.R. No. 713(E) dated 14.11.2007<\/p>\n

G.S.R. No. 737(E) dated 29.11.2007<\/p>\n

G.S.R. No. 575(E) dated 05.08.2008<\/p>\n

G.S.R. No. 896(E) dated 30.12.2008<\/p>\n

G.S.R. No. 851(E) dated 01.12.2009<\/p>\n

G.S.R. No. 341 (E) dated 21.04.2010<\/p>\n

G.S.R. No. 821 (E) dated 10.11.2012<\/p>\n

G.S.R. No. 606(E) dated 03.08.2012<\/p>\n

G.S.R. No. 795(E) dated 30.10.2012<\/p>\n

G.S.R. No. 796(E) dated 30.10.2012<\/p>\n

G.S.R. No. 797(E) dated 30.10.2012<\/p>\n

G.S.R. No. 945 (E) dated 31.12.2012<\/p>\n

G.S.R. No.946(E) dated 31.12.2012<\/p>\n

G.S.R. No.38(E) dated 22.01.2013<\/p>\n

G.S.R. No.515(E) dated 30.07.2013<\/p>\n

RESERVE BANK OF INDIA<\/p>\n

[Notification No. FEMA. 373\/ 2016-RB dt.\u00a024th October, 2016]<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

G.S.R. 1002(E).\u2014In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[],"class_list":["post-83651","post","type-post","status-publish","format-standard","hentry","category-foreign","category-legislationupdates"],"yoast_head":"\nThe Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eleventh Amendment) Regulations, 2016, notified | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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regulations to regulate investment in India by a person resident outside India; Foreign Exchange Management (Debt Instruments) Regulations, 2019","author":"Bhumika Indulia","date":"October 19, 2019","format":false,"excerpt":"G.S.R. 796(E).\u2014 In exercise of the powers conferred by clause (a) of sub-section (2) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of the Foreign Exchange Management (Transfer of Issue of Security by a Person Resident outside India) Regulations,\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation 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under Foreign Exchange Management Act, 1999 for Cross Border Mergers","author":"Saba","date":"April 28, 2017","format":false,"excerpt":"The Reserve Bank has placed on its website the draft guidelines proposed to be issued on cross border merger transactions pursuant to the Rules notified by Ministry of Corporate Affairs through Companies (Compromises, Arrangements and Amalgamation) Amendment Rules, 2017 on April 13, 2017. Section 234 of the Companies Act, 2013\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":211085,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/28\/foreign-exchange-management-foreign-currency-accounts-by-a-person-resident-in-india-amendment-regulations-2019\/","url_meta":{"origin":83651,"position":5},"title":"Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2019","author":"Bhumika Indulia","date":"February 28, 2019","format":false,"excerpt":"G.S.R. 160(E)\u2014In exercise of the powers conferred by Section 9 and clause (e) of sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Foreign Currency Accounts by a person resident\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/83651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=83651"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/83651\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=83651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=83651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=83651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}