Foreign Exchange Management (Foreign Currency Account by a Person Resident in India)(Amendment) Regulations, 2003

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Published on March 20, 2003

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Foreign Exchange Management (Foreign Currency Account by a Person Resident in India)(Amendment) Regulations, 2003

Reserve Bank of India
(Exchange Control Department)
Central Office
Mumbai 400 001

Notification No.FEMA.87 / 2003-RB

dated March 20, 2003

Foreign Exchange Management (Foreign Currency Account by
a Person Resident in India)(Amendment) Regulations, 2003

In exercise of the powers conferred by clause (b) of Section 9 and clause (e) of sub-section (2) of Section 47 and in partial modification of its Notification No.FEMA 10/2000-RB dated 3^rd May 2000 the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) Regulations 2000 namely:

1. Short title and commencement

a. These Regulations may be called the Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) (Amendment) Regulations, 2003.

b. They shall come into force from the date of their publication in the Official Gazette.

2. Amendment of the Regulation

In the Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) Regulations 2000, in Regulation 7, in clause (5), for the words 'Foreign Currency Account with a bank outside India', the words, 'Foreign Currency Account with a bank outside or in India' shall be substituted.

( K.J. Udeshi )
Executive Director

Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 14.05.2003 - G.S.R.No.398(E)