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Tuesday, 20 May 2014

Amendments in the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations 2004

RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI-400 001
Notification No. 299 /2014-RB                                                               March 24, 2014
Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2014
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 of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) 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) (Amendment) Regulations, 2014.
(ii)        They shall come into force from the date of their publication in the Official Gazette.
2.         Amendment to Regulation 2
(i)         In clause (k), after the words "or a partnership firm registered under the Indian
Partnership Act, 1932" the words, namely, "or a Limited Liability Partnership (LLP) as defined under clause (ma) of Regulation 2 of this Notification" shall be inserted; and
(ii)        After clause (m), the following shall be inserted:
"(ma) ' Limited Liability Partnership' (LLP) means a body corporate having perpetual succession duly formed and incorporated under the Limited Liability Partnership Act, 2008 (No.6 of 2009)."

(C. D. Srinivasan) Chief General Manage


Foot Note:
(ii)        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.  37 (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 September 31, 2008, G.S.R. No.108 (E) dated February 20, 2009, G.S.R. No. 301(E) dated May 1, 2009, 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 03, 2012, G.S.R. No. 609(E) dated August 03, 2012, G.S.R. No.947(E) dated December 31, 2012, G.S.R. No.345(E) dated May 29, 2013 and G.S.R. No.516(E) dated July 30, 2013. G.S.R. No.529(E) dated August 05, 2013 and G.S.R. No.552(E) dated August 14, 2013.

Published in the Official Gazette of Government of India Extraordinary Part-II, Section 3, Sub-Section (i) dated 07.05.2014- G.S.R.No.323 (E)