| Date: |
17-05-2002
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| Notification No: |
RBI A P D (Series)Circular No 47/2002
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
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| Subject: |
Foreign Exchange Management Act
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|
Foreign Exchange Management Act
A.P.
(DIR Series) Circular No. 47 dated 17th May 2002
Attention
of authorised dealers is invited to the Notification No. FEMA 12/ 2000 - RB
dated 3rd May 2000 whereby a person resident in India is prohibited
from taking any general or life insurance policy issued by an insurer outside
India.
2.
It has since been decided, in consultation with Government of India, to
exempt units located in Special Economic Zones (SEZs) from the purview of the
above Notification for the purpose of taking out general insurance policies.
Accordingly, authorised dealers are free to allow remittances towards premium
for general insurance policies taken by units located in SEZs from insurers
outside India provided the premium is paid by the units out of their foreign
exchange balances.
3.
Authorised Dealers may bring the contents of the circular to the notice
of their constituents concerned.
4.
The directions contained in this circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999).
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