Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

FEMA, Offshore Banking Unit, Regulations 2002.


Foreign Exchange Management (Offshore Banking Unit) Regulations, 2002

FEMA Notification No. 71/2002-03-RB, Dt. 07/09/2002 - In exercise of the powers conferred by Section 6, Section 7, Section 8, Section 9 and Section 47 of the Foreign Exchange Management Act, 1999 (Act 42 of 1999) and all other powers enabling it in this behalf, the Reserve Bank of India makes the following Regulations, namely: -

CHAPTER I

  1.  Short title and commencement
    1. These Regulations shall be called the Foreign Exchange Management (Offshore Banking Unit) Regulations, 2002
    2. They shall come into force from the date of their publication in the Official Gazette.
  2. Definitions:
    In these Regulations, unless the context requires otherwise-
    1.  ‘Act’ means the Foreign Exchange Management Act, 1999 (Act 42 of 1999);
    2. ‘Offshore Banking Unit’ means a branch of a bank in India located in the Special Economic Zone and holds an authorisation issued under clause (a) of sub-section(1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949);
    3.  ‘Regulations’ means the Regulations made under the Act;
    4. ‘Special Economic Zone’ means the Special Economic Zone notified by the Government of India;
    5. Words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act.

CHAPTER- II
PART 1

  1.  Notwithstanding the status, as an authorised dealer, of the bank setting up the Offshore Banking Unit, and save as otherwise directed by the Reserve Bank, the Offshore Banking Unit shall not be regarded as an authorised dealer for the purpose of the Act, rules or regulations made thereunder.
  2. Save as otherwise provided in these or any other Regulations or directed by the Reserve Bank, nothing contained in any other Regulations shall apply to an Offshore Banking Unit.
  3. Save as otherwise provided in these Regulations or with the permission of the Reserve Bank, an Offshore Banking Unit shall not conduct any activity or undertake any transaction with residents in India.

PART II
Transactions which may be undertaken by an Offshore Banking Unit

  1. An Offshore Banking Unit may undertake foreign exchange transactions with any authorised dealer in India only on principal-to-principal basis.
  2. An Offshore Banking Unit may undertake transaction in foreign change with a unit located in Special Economic Zone to the extent the latter is eligible to enter into or undertake such transaction, within the ceilings and subject to the conditions specified in the Regulations governing such transaction.
  3. Engagement of an Offshore Banking Unit in any of the forms of business specified in sub-section (1) of section 6 of the Banking Regulation Act, 1949 shall be only in foreign exchange and shall be subject to these Regulations and the conditions of licence issued under the said Act.

(K J Udeshi)
Executive Director


Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 20-04-2021
Notification No. 27/2021–Customs
Seeks to exempt customs duty on import of Remdesivir injection, Remdesivir API and Beta Cyclodextrin (SBEBCD) used in the manufacture of Remdesivir, up to 31st October, 2021.

Date: 20-04-2021
Notification No. 23/2021-Customs (ADD)
Seeks to amend notification No. 50/2018-Customs (ADD) dated 5th October, 2018 imposing anti-dumping duty on imports of nylon filament yarn originated in or exported from Vietnam and European Union , to exclude goods of certain specification from the scope of the anti-dumping duty.

Date: 15-04-2021
Notification No.43/2021 - Customs (N.T.)
Exchange rates Notification No.43/2021-Cus (NT) dated 15.04.2021

Date: 15-04-2021
Notification No. 42/2021-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 15-04-2021
Notification No. 44/2021-Customs (N.T.)
Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018

Date: 15-04-2021
Notification No. 22/2021-Customs (ADD)
Seeks to amend notification No. 14/2016-Customs (ADD), dated 21-04-2016, so as to extend the applicability of the said notification up to and inclusive of 20th October, 2021.

Date: 13-04-2021
Public Notice No. 01/2015-2020
Allocation of additional quantity of 3675.13 MT (raw/refined) sugar to UK under TRQ scheme for the year 2020-21

Date: 12-04-2021
Notification No. 21/2021-Customs (ADD)
Seeks to impose anti-dumping duty on imports of Normal Butanol or N-Butyl alcohol originating in or exported from European Union, Malaysia, Singapore, South Africa and United States of America for a further period of 5 years.

Date: 11-04-2021
Notification No. 01/2015-2020
Amendment in Export Policy of Injection Remdesivir and Remdesivir API.

Date: 09-04-2021
Public Notice No. 53/2015-2020-DGFT
Late cut for MEIS applications for exports made in the Financial Year 2019-20



Exim Guru Copyright © 1999-2021 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001