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RESERVE
BANK OF INDIA
EXCHANGE CONTROL DEPARTMENT)
CENTRAL OFFICE
MUMBAI 400 001
Notification
No.FEMA. 63 /2002-RB
dated June
21, 2002
Foreign Exchange
Management (Foreign Currency Accounts by
a person Resident in India) ( Third Amendment) Regulations, 2002
In exercise
of the powers conferred by clause (b) of Section 9 and clause (e) of sub-section
(2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999)
and in supercession of the Notification No.FEMA.37/2001-RB dated February 27,
2001, Reserve Bank of India makes the following amendments to Foreign Exchange
Management (Foreign Currency Accounts by a Person Resident in India) Regulations,
2000, namely :
Short title
and commencement :-
1. (i) These
Regulations may be called the Foreign Exchange Management (Foreign Currency
Accounts by a Person Resident in India) ( Third Amendment) Regulations, 2002.
(ii) They
shall come into force on their publication in the Official Gazette.
Amendment
of the Regulations
2. In the
Foreign Exchange Management (Foreign Currency Accounts by a Person Resident
in India) Regulations, 2000 (hereinafter referred to as 'the said Regulations'),
after paragraph 6 of the Regulation, the following paragraph shall be inserted,
namely :
'6A. Foreign Currency
Account of a unit
in a Special Economic Zone
A unit located
in a Special Economic Zone may open hold and maintain a Foreign Currency Account
with an authorized dealer in India provided that,
a. all
foreign exchange funds received by the unit in the Special Economic Zone (SEZ)
are credited to such account,
b. no foreign exchange
purchased in India against rupees shall be credited to the account without prior
permission from the Reserve Bank,
c. the funds held in the
account shall be used for bonafide trade transactions of the unit in the SEZ
with the person resident in India or otherwise,
d.
the balances in the accounts
shall be exempt from the restrictions imposed under Rule 5, except item 3 and
4 of the Schedule III, of the Government of India Notification No.GSR.381(E)
dated May 3, 2000.
Provided
further that the funds held in these accounts shall not be lent or made available
in any manner to any person or entity resident in India not being a unit in
Special Economic Zones.'
3. The existing
paragraph 5 in the Schedule of the Regulation shall be deleted.
(K.J.Udeshi)
Executive Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 02.07.2002 - G.S.R.No.465(E)
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