RESERVE
BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI – 400
001 Notification
No.FEMA. 158 /2007-RB Dated September 3, 2007 Foreign
Exchange Management (Deposit) (Second Amendment) Regulations, 2007 In
exercise of the powers conferred by clause (f) of sub-section (3) of section 6,
sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42
of 1999), the Reserve Bank of India makes the following amendments in the Foreign
Exchange Management (Deposit) Regulations, 2000 (Notification
No.FEMA.5/2000-RB dated May 3, 2000) namely:- 1.
Short title and commencement:- (i)
These Regulations may be called the Foreign Exchange Management (Deposit) (Second
Amendment) Regulations, 2007.
(ii) They shall be deemed to have come into force
from May 25, 2007 @ 2. Amendment
of the Regulations:- In
the Foreign Exchange Management (Deposit) Regulations, 2000, in Schedule 3, after
paragraph 7, the following new paragraph shall be inserted namely:- "7(A).
Operations by Power of Attorney Authorised
dealers / authorized banks may allow operations on an NRO account in terms of
a Power of Attorney, provided such operations are restricted to (i) all local
payments in rupees including payments for eligible investments subject to compliance
with relevant regulations made by the Reserve Bank; and (ii) remittance outside
India of current income in India of the non-resident individual account holder,
net of applicable taxes. The resident Power of Attorney holder shall not repatriate
outside India funds held in the account under any circumstances other than to
the non-resident individual account holder himself nor shall make payment by way
of gift to a resident on behalf of the non-resident account holder or transfer
funds from the account to another NRO account. Any remittance outside India shall
be within the ceiling as may be prescribed by the Bank from time to time and subject
to tax compliance". (Salim Gangadharan)
Chief
General Manager
Foot
Note: (i) @ It is clarified
that no person will be adversely affected as a result of retrospective effect
being given to such regulations
(ii) The Principal Regulations were published
in the Official Gazette vide G.S.R.No.388(E) dated May 5, 2000 and subsequently
amended vide: (a) G.S.R.
No.262(E) dated April 9, 2002,
(b) G.S.R. No.577(E) dated August 19, 2002,
(c) G.S.R.
No.855(E) dated December 31, 2002,
(d) G.S.R. No.494(E) dated August 4,
2004,
(e) G.S.R. No.221(E) dated April 7, 2005,
(f) G.S.R.
No.663(E) dated November 14, 2005 and
(g) G.S.R. No. 28(E) dated January
19, 2006
(h) G.S.R.No.495(E) dated July 23, 2007
| Published
in the Official Gazette of Government
of India – Extraordinary – Part-II, Section
3,
Sub-Section (i) dated 16.10.2007 - G.S.R.No. 664 (E) |
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