| Date: |
17-12-2014
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| Notification No: |
RBI/2014-15/360 A.P. (DIR Series) Circular No.51
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2014-15/360 |
| Subject: |
Foreign Exchange Management (Deposit) Regulations, 2000 - Exemption thereof
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RBI/2014-15/360
A.P. (DIR Series) Circular No. 51
December 17, 2014
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Foreign Exchange Management (Deposit) Regulations, 2000 - Exemption
thereof
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to
Regulation 4(5) of the Foreign Exchange Management (Deposit) Regulations, 2000,
notified vide
Notification No. FEMA 5/2000-RB dated May 3, 2000, as amended from
time to time, in terms of which nothing contained in the regulations applies to
the deposits held in accounts maintained with an authorised dealer by the United
Nations Organisation and its subsidiary/affiliate bodies in India, and its or
their officials in India.
- It has been observed that Authorised Dealer banks are frequently coming
across cases related to opening of accounts for multilateral organisations, of
which India is a member nation.
- With the objective of bringing all the multilateral organisations at par, for
opening of accounts in India, the extant instructions have been reviewed and it
has been decided to include in the exemptions, laid down in Foreign Exchange
Management (Deposit) Regulation, 2000, issued vide
Notification No. FEMA
5/2000-RB dated May 3, 2000 (as amended from time to time), deposits held in
accounts maintained with an authorised dealer by any multilateral organization
of which India is a member nation, and its subsidiary/affiliate bodies in India,
and its or their officials in India.
- Accordingly, it is hereby informed that Reserve Bank has since amended the
Principal Regulations through the Foreign Exchange Management (Deposit)
(Amendment) Regulations, 2014 notified vide
Notification No. FEMA. 327/2014-RB
dated November 24, 2014 c.f. G.S.R. No. 879(E) dated December 9, 2014.
- AD Category- I banks may bring the contents of the circular to the notice of
their constituents concerned.
- The directions contained in this circular have been issued under Sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is
without prejudice to permissions / approvals, if any, required under any other
law.
Yours faithfully,
(C D Srinivasan)
Chief General Manager
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