Foreign Exchange Management (Issue of Security in India by
a branch, office or agency of a person resident outside India) Regulations,
2000
FEMA
2/2000-RB, dated 3-5-2000 [GSR 385(E), dated 3-5-2000] - In exercise of the powers
conferred by clause (c) 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 makes the following regulations, namely :—
(i) These
Regulations may be called the Foreign Exchange Management (Issue of Security
in India by a Branch, Office or Agency of a Person Resident Outside India)
Regulations, 2000.
(ii) They shall come into force on 1st day of
June, 2000.
In these
Regulations, unless the context requires otherwise,—
(i) ‘Act’ means the Foreign Exchange Management
Act, 1999 (42 of 1999);
(ii) the words and expressions used but not
defined in these Regulations shall have the same meanings respectively assigned
to them in the Act.
Prohibition on transfer or issue of security.
Save as
otherwise provided in the Act or rules or regulations made or issued
thereunder, or with the general or special permission of the Reserve Bank, no
branch, office or agency in India of a person resident outside India shall
transfer or issue any security or foreign security in India.
Transfer or Issue of Security with the permission of Reserve Bank.
The Reserve
Bank, on application made to it and being satisfied that it is necessary to do
so, may, subject to such terms and conditions as are considered necessary,
permit a branch, office or agency in India of a person resident outside India
to transfer or issue any security or foreign security in India.