Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2002 - ആർബിഐ - Reserve Bank of India
Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2002
Reserve Bank of India Notification No. FEMA.74 /2002-RB. Dated: November 1, 2002 Foreign Exchange Management (Foreign Currency Accounts by a 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 May 3, 2000, the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations 2000, namely :- 1. Short title and commencement
2. Amendment of the Regulations In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, after Regulation 5 the following Regulation shall be added, namely : '5 A. Opening, holding and maintaining a Resident Foreign Currency (Domestic) Account (1) A person resident in India may open, hold and maintain with an Authorised Dealer in India a foreign currency account, to be known as Resident Foreign Currency (Domestic) Account, out of foreign exchange acquired in the form of currency notes, bank notes and travellers cheques :
(2) Debits to the account shall be for payments towards a current account transaction in accordance with the provisions of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and towards a capital account transaction permissible under the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000. (3) The account shall be maintained in the form of Current Account and shall not bear any interest. (4) There shall be no ceiling on the balances in the account.'
(K.J. Udeshi)
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