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Reserve
Bank of India
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Notification
No. FEMA.63/2002-RB dated June 21,2002
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RESERVE
BANK OF INDIA
(EXCHANGE CONTROL DEPARTMENT)
CENTRAL OFFICE MEMORANDUM
MUMBAI 400001
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| Notification
No. FEMA.63/2002-RB |
dated
June 21,2002
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Foreign Exchange Management (Foreign Currency Accounts
by a person Resident in India) (Third Amendment) Regulations,
2002
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In exercise of the powers conferred by clause (b) of
Section9 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:
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Short title and commencement:- |
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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.
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Amendment of the Regulations |
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2. In the Foreign Exchange Management (Foreign Currency
Accounts by a person Resident in India) Regulations,
2000 (hereinafter referred to as "the said Regulation"),
after paragraph 6 of the Regulation, the following paragraph
shall be inserted, namely:
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"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 is 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.
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(K.J.
Udeshi)
Executive Director
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