NTF. NO. FEMA 130/2005-RB, DT. 17/03/2005

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2005

G.S.R. 201(E).-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) and in partial modification of its Notification No. FEMA 20/2000-RB dated 3rd May, 2000, the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 as amended from time to time, namely:-

1. Short Title and Commencement:

(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2005.

(ii) They shall come into force from the date of their publication in the Official Gazette.

2. Amendment of the Regulations:

In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000,

(a) in Annexure A to Schedule 1, in para (A)

(i) Item No. 1 shall be deleted, and the existing items 2 to 12 may be renumbered as 1 to 11

(ii) in existing item No. 2 the following may be added, namely:

“Natural Gas/LNG Pipelines”

(b) in the table shown in Annexure B to Schedule 1,

(i) existing item No. 5 shall be renumbered as item No. 5(i) and (ii) the following sub-items shall be inserted under the headings Sector, Investment Cap, Description of Activity/Items/ Conditions respectively, namely:

(ii) Petroleum Product Marketing	100%	Subject to the existing sectoral policy and regulatory framework in the oil marketing sector
(iii) Oil Exploration in both small and medium sized fields	100%	Subject to and under the policy of Government on private participation in: (a) exploration of oil and (b) the discovered fields of national oil companies
(iv) Petroleum Product Pipelines	100%	Subject to and under the Government Policy and regulations thereof.

(iii) after item No. 21, under the headings Sector, Investment Cap, Description of Activity/Items/Conditions, the following shall be inserted respectively namely:

22 Air Transport Services (Domestic Airlines)

100% for NRIs 49% for others

No direct or indirect equity participation by foreign airlines is allowed.

Sd/-
F.R. Joseph
Chief General Manager

[F.No. 1/23/EM/2000-Vol.III]

Footnote:- The Principal Regulations were published in the Official Gazette vide No. G.S.R. 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 2-03-2001
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 2-01-2002
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 7-01-2004
G.S.R. No. 278(E) dated 23-04-2004
G.S.R. No. 625(E) dated 21-09-2004

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