Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2019

Apr 24, 2019 | by Avantis RegTech Legal Research Team


The Reserve Bank of India (RBI) on April 18, 2019, has issued a Notification to publish a Regulation called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2019, to further amend Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017. It will come into force with effect from the date of their publication in the Official Gazette. 

The amendments made in the Regulation, 2017 are:

•In Regulation 2 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017, clause (xlvi) has been added, namely:

“‘Municipal Bonds’ mean debt instruments issued by municipalities constituted under Article 243Q of the Constitution of India.”

•In Schedule 5 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017, clause (m) specifies about ‘municipal bonds’ has been added.

[Notification No. G.S.R. 312(E)]

Click here to download the Notification.


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.