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Reserve
Bank of India
Exchange Control Department
Central Office
Mumbai
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Notification
No.FEMA.61/2002-RB
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dated
May 02, 2002
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Foreign Exchange Management (Insurance)
Amendment) Regulations. 2002
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In
exercise of the powers conferred by sub-session (2)
of Section 47 of the Foreign Exchange Management (Insurance)
Act, 1992, (42 of 1999), and in partial modification
of its Notification No.FEMA.12/2000-RB, dated May 3,
2000, the Reserve Bank of India makes the following
Regulations to amend the Foreign Exchange management
(Insurance) Regulations, 2002, namely:
1.(a) These Regulations may be called the Foreign Exchange
Management (Insurance)(Amendment) Regulations, 2002.
(b) They shall come into force from the date of their
publication in the Official Gazette.
2. In the Foreign Exchange Management (Insurance) Regulations,
2000, in Regulation 3, after the proviso, the following
proviso shall be added, namely:
"Provided
further that the prohibition against taking general
insurance policy issued by an insurer outside India
shall not apply to a unit located in Special Economic
Zone."
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K.J.Udeshi
Executive Director
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