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Reserve
Bank of India
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A.P
(DIR Series) Circular No.47 May 17, 2002
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Foreign
Exchange Management Act, 1999 - Insurance
A.P.( DIR Series ) Circular No. 47 (May 17, 2002)
Reserve Bank of India
Exchange Control Department
Central Office
Mumbai 400 010
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A.P
(DIR Series) Circular No.47
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May
17, 2002
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To
All Authorised Dealers in Foreign Exchange
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| Madam/Sirs, |
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Foreign Exchange Management Act, 1999 - Insurance
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Attention
of authorised dealers is invited to the Notification
No. FEMA. 12/2000-RB dated 3rd May 2000 whereby a person
resident in India is prohibited from taking any general
or life insurance policy issued by an insurer outside
India.
2) It has since been
decided, in consultation with Government of India, to
exempt units located in Special Economic Zones (SEZS)
from the purview of the above Notification for the purpose
of taking out general insurance policies. Accordingly,
authorised dealers are free to allow remittances towards
premium for general insurance policies taken by units
located in SEZs from insurers outside India provided
the premium is paid by the units out of their foreign
exchange balances.
3) Authorised Dealers may bring the contents
of the circular to the notice of their constituents
concerned.
4) The directions contained in this circular
have been issued under Section 10(4) and Section I I
(I) of the Foreign Exchange Management Act, 1999 (42
of 1999).
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Yours
faithfully,
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Grace
Koshie
Chief General Manager
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