Foreign Exchange Management (Deposit) (Amendment) Regulations, 2004

In exercise of the powers conferred by clause (f) of sub-section (3) of Section 6 and 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 5/2000-RB dated 3^rd May 2000, the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time, namely:-

1. (i) These Regulations may be called the Foreign Exchange Management (Deposit)(Amendment) Regulations, 2004.

(ii) They shall come into force from the 24^th day of April, 2004.

2. In the Foreign Exchange Management (Deposit) Regulations, 2000,

(i) in Regulation 7, for sub-regulations (1) and (2), the following shall be substituted ::-

' 1) A company registered under Companies Act, 1956 or a body corporate created under an Act of Parliament or State Legislature shall not accept deposits on repatriation basis from a non-resident Indian.
2) A company registered under Companies Act, 1956 or a body corporate created under the Act of Parliament or State Legislature may renew the deposits which had been accepted on repatriation basis from a non-resident Indian subject to terms and conditions mentioned in Schedule 6.
3) A company registered under Companies Act, 1956 or a body corporate, a proprietary concern or a firm in India may accept deposits from a non-resident Indian on non-repatriation basis, subject to the terms and conditions mentioned in Schedule 7.'

(ii) in Schedule 7,

Clause (v) shall be substituted as under :-

Shyamala Gopinath
Executive Director

Foot Note : The Principal Regulations were published in the Official Gazette vide G.S.R.No. 388(E) dated May 5, 2000 in Part II, Section 3, sub-section (1) and subsequently amended as under :-……………….

GSR No. 262(E) dated 9/4/2002
GSR No. 577(E) dated 19/8/2002
GSR No. 855(E) dated 31/12/2002