Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (First Amendment) Regulations, 2004

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 (Act 42 of 1999) and in partial modification of its Notification No.FEMA.10/2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, namely :-

(a) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (First Amendment) Regulations, 2004.

(b) They shall come into force on their publication in the Official Gazette.

In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000,

(a) In Regulation 5, in sub-regulation (1), after sub-clause (d) the following shall be added, namely :-

'(e) received as the proceeds of life insurance policy claims/maturity/ surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority. '

(b) (i) In Regulation 5A, in sub-regulation (1), the words, 'A person resident in India' may be substituted by the words 'A resident Individual'.

(ii) In Regulation 5A, in sub-regulation (1) after sub-clause (g) the following shall be added, namely :

'(h) by way of earnings received as the proceeds of life insurance policy claims/maturity/surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority.'

Sd/-

( Usha Thorat )