Foreign Exchange Management (Foreign Currency Accounts by a
Person Resident in India) (Amendment) Regulations, 2000

Notification No. FEMA 27 /2000-RB

dated 14^th August, 2000

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 3^rd May, 2000, the Reserve Bank of India makes the following Regulations to amend the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, namely :-

(i) These regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2000.

(ii) They shall come into force with immediate effect.

In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 (hereinafter referred to as 'the said Regulations'),

1. in Regulation 9, in sub-regulation (1), the following proviso shall be inserted, namely:-

'Provided that the EEFC Account referred to in Regulation 4, shall not be opened, held and maintained in the form of a term deposit account'.

2. in the Schedule, in paragraph (1), for the words 'up to 70 per cent' and 'up to 50 per cent', the words 'up to 35 per cent' and 'up to 25 per cent', shall be substituted respectively.

(P.R. Gopala Rao)
Executive Director