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RESERVE BANK OF INDIA
( EXCHANGE CONTROL DEPARTMENT)
CENTRAL OFFICE
MUMBAI 400 001
Notification No.FEMA 37/2001-RB
dated February 27 , 2001
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. (i) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2001.
(ii) They shall come into force with immediate effect.
2. In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 (hereinafter referred to as 'the said Regulations'), in the Schedule, after paragraph 4, the following paragraph shall be added, namely :
'5. Special provisions for EEFC Account of a unit in a
Special Economic Zone
(1) Save as otherwise provided in this paragraph, nothing contained in paragraphs 1 to 4 of this Schedule, shall apply to a unit in a Special Economic Zone.
(2) A unit in a Special Economic Zone may credit to its EEFC Account, all its receipts up to 100% in foreign exchange, except the following, namely:
- acquisition of foreign exchange by purchase against rupees from any person resident in India other than a unit in a Special Economic Zone,
(3) Paragraphs 3 and 4 shall mutatis mutandis apply to the EEFC Account of such unit.'
(D.P. Sarda )
Executive Director
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