Reserve
Bank of India Foreign Exchange Department Central Office Mumbai-400 001 Notification
No.FEMA.168 /2007-RB Date
October 23, 2007 Foreign
Exchange Management (Deposit) (Fourth 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) (Fourth Amendment) Regulations, 2007. (ii)
They shall be deemed to have come into effect on the 18th day of May, 2007.@ 2.
Amendment of the Regulations:- In the Foreign Exchange
Management (Deposit) Regulations, 2000 (Notification No. FEMA 5/2000-RB dated
May 3, 2000), in Schedule 2, paragraph 11 shall be re-numbered as sub. paragraph
(1) thereof and after sub-paragraph (1) so re-numbered, the following sub-paragraph
shall be inserted, namely :- '(2) Authorised dealer may
permit remittance of the maturity proceeds of FCNR (B) deposits to third parties
outside India, provided the transaction is specifically authorised by the account
holder and the authorised dealer is satisfied about the bonafides of the transaction.'
(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 in Part II, Section 3,
Sub-Section (i) and subsequently amended vide G.S.R. No.262(E) dated April
9, 2002, G.S.R.No. 577(E) dated August 19, 2002, G.S.R.No. 855(E) dated
December 31, 2002, G.S.R.No. 494(E) dated August 4, 2004, G.S.R.No. 221(E)
dated April 7, 2005, G.S.R.No. 663(E) dated November 14, 2005 G.S.R.No.
28(E) dated January 19, 2006, 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 14.11.2007 - G.S.R.No.714 (E) | |
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