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Foreign Exchange Management (Foreign Currency Accounts by a Person
Resident in India) (Amendment) Regulations, 2002
FEMA
Notification No. 74 dated 1st November 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 May 3, 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:
(a)
These Regulations shall be called the �Foreign Exchange Management
(Foreign Currency Accounts by a Person Resident in India) (Fifth Amendment)
Regulations, 2002
(b)
They shall come into force on the date of their publication in the
Official Gazette.
2.
Amendment of the Regulation:
In
the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident
in India) Regulations, 2000, after Regulation 5 the following Regulation shall
be added, namely:
�5A.
Opening, holding and maintaining a Resident Foreign Currency (Domestic) Account
(1)
A person resident in India may open, hold and maintain with an Authorised
Dealer in India a foreign currency account, to be known as Resident Foreign
Currency (Domestic) Account, out of foreign exchange acquired in the form of
currency notes, bank notes and traveller�s cheques:
(a)
while on a visit to any place outside India by way of payment for
services not a rising from any business in or anything done in India; or
(b)
from any person not resident in India and who is on a visit to India, as
honorarium or gift or for services rendered or in settlement of any lawful
obligation; or
(c)
by way of honorarium of gift while on a visit to any place outside India;
or
(d)
represents the unspent amount of foreign exchange acquired by him from an
authorised person for travel abroad.
(2)
Debits to the account shall be for payments towards a current transaction
in accordance with the provisions of the Foreign Exchange Management (Current
Accoun
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