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Foreign Exchange Management (Foreign Currency Account by a Person
Resident in India) (Amendment) Regulations, 2002
FEMA
Notification No. 69 dated 26th August 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) (Fourth 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, in the schedule.
(i)
for paragraph (1), the following paragraph shall be substituted, namely;
�(1)
An entry or a person specified in column 1 of the Table below may credit to the
EEFC Account an amount upto the limit specified in Column 2 thereof from out of
the foreign exchange earnings specified in sub-paragraph (1A), namely:
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Entity/
person
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Limit
(percent)
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1.
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A
Status Holder Exporter (As defined in Exim Policy in force)
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100
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2.
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A
resident in India for professional services rendered in his individual
capacity
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100
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3.
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100
percent Export Oriented Unit/s, Unit/s in EPZs/ STPs/ EHTPs
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70
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4.
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Any
other person resident in India
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50
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Provided
that the Reserve Bank may, on an application made
to it and on being satisfied that it is necessary to do so, grant permission to
hold higher percentage of inward remittance/ payments in foreign exchange in the
EEFC account.
Explanation:
For the purpose of category (2) in column 1, �professional� shall mean:
(i)
Director on Board of overseas company
(ii)
Scientist/ Professor in Indian University/ Institution
(iii)
Economist
(iv)
Lawyer
(v)
Doctor
(vi)
Architect
(vii)
Engineer
(viii)
Artist
(ix)
Cost/ Chartered Accountant
(x)
Any other person rendering professional services in his in
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