RESERVE BANK OF INDIA
(EXCHANGE CONTROL DEPARTMENT)
CENTRAL OFFICE
MUMBAI 400 001

Notification No.FEMA58/2002-RB

dated April 01, 2002

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

1. These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2002.
2. They shall come into force on the date of their publication in the official Gazette.

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

(i) for paragraph (1), the following paragraph shall be substituted, namely :

Table

Provided that the Reserve Bank may, on an application made to it and on being satisfied that it is necessary to do so, grant permission to hold higher percentage of inward remittance/payments in foreign exchange in the EEFC account.'

2. after sub-paragraph(1), and before clause (i), the following shall be inserted, namely :-

(iii) in sub-paragraph (1A) so inserted, the proviso below clause (v), shall be deleted.