Notification No. FEMA. 154 /2007- RB

dated:   June  07, 2007

Foreign Exchange Management (Foreign Currency Account by a
Person Resident in India) (Amendment) Regulations, 2007

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) the Reserve Bank of India makes the following amendments to Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000  (Notification No. FEMA 10/2000-RB dated 3rd May 2000), as amended from time to time, namely:

1. Short Title and Commencement :

(i) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2007.
(ii) They shall be deemed to have come into force from the date(s) specified hereunder.

2. Amendment of the Regulations :

In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 (herein after called 'the principal regulations'),

(1) in the Schedule, for paragraph (1), the following paragraph shall be substituted, namely :
"(1) A person resident in India may credit to the EEFC Account with an Authorised Dealer in India 100 percent of the foreign exchange earnings as specified in sub-paragraph (1A)."

This shall be deemed to have come into force with effect from 30th November 2006.

(2)   in regulation 7, in sub-regulation 4A the proviso, in clause (b)
(a) in sub-clause (i) for the figure "2" the figure "10" shall be substituted.
(b) in sub-clause (ii) for the figure "1" the figure "5" shall be substituted

This shall be deemed to have come into force with effect from 21st April  2006.

(3)  in regulation 7, in sub-regulation 4A, in the proviso, in clause (b), sub-  clause (i) and sub-clause (ii) – shall be substituted by the following,  namely –

This shall be deemed to have come into force with effect from 4th December 2006.

(Salim Gangadharan)
Chief General Manager

Footnote:

(i) It is clarified that no person will be adversely affected as a result of retrospective effect being given to these Regulations.

(ii) The Principal Regulations were published in the Official Gazette vide G.S.R.No 393(E) dated May 5, 2000 in Part II, Section 3, Sub-section (i) and  subsequently amended vide -
G.S.R.No.675(E) dated August 25, 2000;
G.S.R.No.89(E) dated February 12,2001;
G.S.R.No.103(E) dated February 19, 2001;
G.S.R.No.200(E) dated March 21, 2001;
G.S.R.No.5(E) dated January 2,2002;
G.S.R.No.261(E) dated April 9, 2002;
G.S.R.No.465(E) dated July 2, 2002;
G.S.R.No.474(E) dated July 8, 2002;
G.S.R.No.755(E) dated November 8, 2002;
G.S.R.No.756(E) dated November 8, 2002;
G.S.R.No.224(E) dated March 18, 2003;
G.S.R.No.398(E) dated May 14, 2003;
G.S.R.No.452(E) dated June 3, 2003;
G.S.R.No.453(E) dated June 4, 2003;
G.S.R.No.11(E) dated January 7, 2004;
G.S.R.No.13(E) dated January 7, 2004 and
G.S.R.No.209(E) dated March 23, 2004.