Section 21(2) in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004
(2)A person resident in India, being an Indian Company or a Body Corporate created by an Act of Parliament,--(i)may issue FCCBs not exceeding [US $ 750 Million] to a person resident outside India in accordance with and subject to the conditions stipulated in Schedule I;(ii)may issue FCCBs beyond [US $ 750 Million] [Substituted for the words "US $ 500 Million" by Notification No. G.S.R. 608(E) dated 16.3.2012 (w.e.f. 23.9.2011)] with the specific approval of the Reserve Bank;[Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, change/ prescribe for the automatic as well as the approval route of FCCBs, any provision or proviso for issuance of FCCBs.] [Inserted by Notification No. G.S.R. 921(E) dated 2.12.2015 (w.e.f. 19.11.2004).](iii)[ may issue Foreign Currency Exchangeable Bonds to a person resident outside India in accordance with and subject to the conditions specified in Schedule IV with the specific approval of the Reserve Bank.] [ Inserted by G.S.R. 301(E), dated 1.5.2009 (w.r.e.f. 23.9.2008).][Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, change/ prescribe any provision or proviso for issuance of FCEBs.] [Inserted by Notification No. G.S.R. 921(E) dated 2.12.2015 (w.e.f. 19.11.2004).]
