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Foreign Exchange Management (Foreign Currency Accounts by a Person
Resident in India) (Second Amendment) Regulations, 2002
FEMA Notification No. 58 dated 1st
April 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.
Short title and commencement
i. These Regulations
may be called the Foreign Exchange Management (Foreign Currency Accounts by a
Person Resident in India) (Second Amendment) Regulations, 2002.
ii. They shall come into
force on the date of their publication in the official Gazette.
2.
Amendment to the Regulations
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 :
"(1) An
entity or a person specified in column 1 of the Table below may credit to the
EEFC Account an amount up to the limit specified in column 2 thereof from out of
the foreign exchange earnings specified in sub-paragraph (1A), namely:
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Entity or person
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Limit (per cent)
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1. A Status Holder Exporter (as defined
in EXIM Policy in force)
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100
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2. 100 per cent Export Oriented Unit/ a
Unit in Export Processing Zone/ Software Technology Park/ Electronic Hardware
Technology Park
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70
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3. Any other person resident in India
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50
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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."
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