Receipt from, and payment to,
a person resident outside India

Notification No. FEMA/ 39 /2001-RB

Dated February 27, 2001

In pursuance of the provisions of Section 3 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in partial modification of its Notification No.FEMA/16/RB-2000 dated 3^rd May 2000 (hereinafter referred to as ‘the said Notification’), the Reserve Bank hereby directs that the said Notification shall with immediate effect be amended as under, namely :-

In paragraph 3, word 'non' shall be inserted before the words 'whole time director.'