Attention of authorised dealers is invited to Notification
No.FEMA.37/2001-RB dated February 27, 2001 relating
to Foreign Exchange Management (Foreign Currency Account
by a Person Resident in India) Regulations, 2000 which
has been amended
by Notification No.FEMA.63/2002-RB dated June 21, 2002
(copy enclosed).
2.
In terms of paragraph 6A of the aforesaid notification,
a unit located in a Special Economic Zone may be allowed
to open, hold and maintain a Foreign Currency Account
with an authorised dealer in India subject to the conditions
stipulated in the Notification.
3.
Paragraph 5 in the Schedule of the aforesaid regulation
relating to special provision for EEFC Account of a
unit in a Special Economic Zone stands deleted.
4.
Authorised Dealers may please bring the contents of
this circular to the notice of their constituents concerned.
5.
The directions contained in this circular have been
issued under Section 10(4) and Section 11(1) of the
Foreign Exchange Management Act, 1999 (42 of 1999).
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