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Foreign Exchange Management (Foreign Currency Accounts by a Person
Resident in India) (Third Amendment) Regulations, 2002
FEMA
Notification No. 63 dated 21st June 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 supersession of the Notification No. FEMA 37/2001-RB dated
February 27, 2001 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 Regulation may be called the Foreign Exchange Management
(Foreign Currency Accounts by a Person Resident in India) (Third Amendment)
Regulation, 2002.
(ii)
They shall come into force on their publication in the Official Gazette.
2.
Amendment of the Regulations
In
the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident
in India) Regulation, 2002 (hereinafter referred to as �the said
regulations�), after paragraph 6 of the Regulation, the following paragraph
shall be inserted, namely:
�6A.
Foreign Currency Account of a Unit in a Special Economic Zone
A
Unit located in a Special Economic Zone may open hold and maintain a Foreign
Currency Account with an authorized dealer in India provided that,
(a)
all foreign exchange funds received by the unit in the Special Economic
Zone (SEZ) are credited to such account;
(b)
no foreign exchange purchased in India against rupees shall be credited
to the account without prior permission from the Reserve Bank;
(c)
the funds held in the account shall be used for bonafide trade
transactions of the unit in the SEZ with the person resident in India or
otherwise;
(d)
the balances in the accounts shall be exempt from the restrictions
imposed under Rule 5, except item 3 and 4 of the Schedule III, of the Government
of India Notification No. GSR 381
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