Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2007 - ربی - Reserve Bank of India
Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2007
Reserve Bank of India Notification No.FEMA.168 /2007-RB Date October 23, 2007 Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2007 In exercise of the powers conferred by clause (f) of sub-section (3) of section 6, 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 in the Foreign Exchange Management (Deposit) Regulations, 2000 (Notification No. FEMA.5/2000-RB dated May 3, 2000), namely:- 1. Short title and commencement:- (i) These regulations may be called the Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2007. 2. Amendment of the Regulations:- In the Foreign Exchange Management (Deposit) Regulations, 2000 (Notification No. FEMA 5/2000-RB dated May 3, 2000), in Schedule 2, paragraph 11 shall be re-numbered as sub. paragraph (1) thereof and after sub-paragraph (1) so re-numbered, the following sub-paragraph shall be inserted, namely :- '(2) Authorised dealer may permit remittance of the maturity proceeds of FCNR (B) deposits to third parties outside India, provided the transaction is specifically authorised by the account holder and the authorised dealer is satisfied about the bonafides of the transaction.' (Salim Gangadharan) Foot Note: (i). @ It is clarified that no person will be adversely affected as a result of retrospective effect being given to such regulations. G.S.R. No.262(E) dated April 9, 2002,
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