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Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2013

RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI-400 001

Notification No.FEMA.280/2013-RB

Dated : July 10, 2013

Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2013

In exercise of the powers conferred by clause (f) of sub-section (3) of Section 6 and sub-section (2) Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Deposit) Regulations, 2000 (Notification No. FEMA.5/2000-RB dated 3rd May 2000), hereinafter called 'Principal Regulations' namely:-

1. Short Title & Commencement

(i) These Regulations may be called the Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2013.

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

2. Amendment of Regulation

In Regulation 5 of the Principal Regulations, after sub-regulation (4), the following sub-regulation (5) shall be added :

"(5) A non-resident including a Non Resident Indian (NRI) may open a single non-interest bearing Rupee Account with the Authorised Dealers in India without the prior approval of Reserve Bank of India, for the limited purpose of purchase of shares on the recognized stock exchanges in accordance with Regulation 10D of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (Notification No.FEMA.20/2000-RB dated 3rd May 2000)."

(Rudra Narayan Kar)
Chief General Manager–in-Charge


Foot Note:

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 (1) and subsequently amended as under:

(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
(g) G.S.R. No. 28 (E) dated January 19, 2006
(h) G.S.R. No. 495(E) dated July 23, 2007
(i) G.S.R. No. 664(E) dated October 16, 2007
(j) G.S.R. No.714 (E) dated November 14, 2007
(k) G.S.R. No.91 (E) dated February 15, 2008
(l) G.S.R. No.442 (E) dated June 23, 2009
(m) G.S.R. No.822 (E) dated November 10, 2012
(n) G.S.R. No.893 (E) dated December 17, 2012
(o) G.S.R. No.798 (E) dated October 30, 2012
(p) G.S.R. No.26(E) dated January 17, 2013

Published in the Official Gazette of Government
of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 05.08.2013- G.S.R.No.531 (E)


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