|
RESERVE BANK OF INDIA
(EXCHANGE CONTROL DEPARTMEENT)
CENTRAL OFFICE
MUMEBAI 400 001
Notification
NO.FEMA 3 7/2001-RB dated February 27, 2001
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 partial modification of its Notification No.
FEMA 10/2000-RB dated 3rd May 2000, Reserve Bank of
India makes the following amendments to Foreign Exchange
Management (Foreign Currency Accounts by a Person Resident
in India) Regulations, 2000, namely:
1.
(i) These Regulations may be called the Foreign Exchange
Management (Foreign Currency Accounts by a Person Resident
in India) (Amendment) Regulations, 2001.
(ii)
They shall come into force with immediate effect.
2.
In the Foreign Exchange Management (Foreign Currency
Accounts by a Person Resident in India) Regulations,
2000 (hereinafter referred to as "the said Regulations"),
in the Schedule, after paragraph 4, the following paragraph
shall be added, namely:
"5.
Special provisions for EEFC Account of a unit in a Special
Economic Zone".
(1)
Save as otherwise provided in this paragraph, nothing
contained in paragraphs 1 to 4 of this Schedule, shall
apply to a unit in a Special Economic Zone.
(2)
A unit in a Special Economic Zone may credit to its
EEFC Account, all its receipts up to 100% in foreign
exchange, except the following, namely:
(i)
acquisition of foreign exchange by purchase against
rupees from any person resident in India other than
a unit in a Special Economic Zone,
(3)
Paragraphs 3 and 4 shall mutatis mutandis apply to the
EEFC Account of such unit."
SD/-
D.P.
Sarda
Executive Director
|
