Regulation 2 - Definitions - Foreign Exchange Management [Withdrawal of General Permission To Overseas Corporate Bodies (OCBS)] Regulations, 2003

2. Definitions For the purpose of these Regulations - (i) Act means the Foreign Exchange Management Act 1999 ; (ii) Account means Savings, Current, Recurring, Fixed Deposit. opened and maintained under Non-Resident (External) Account Scheme (NRE Amount), Foreign Currency (Non-Resident) Account Banks Scheme (FCNR-B Account) or Non-Resident (Ordinary) Account Scheme (NRO Account); (iii) Deposit includes deposit of money with a bank, company, proprietary concern, partnership firm, corporate body, trust or any other person; (iv) Existing account means an account maintained on the date of commencement of these Regulations; (v) Existing investment means an investment made pursuant to the general permission granted under the Foreign Exchange Management (Transfer and Issue of Security by a Person Resident outside India) Regulations, 2000 provided that a) in case of Portfolio Investment Scheme, the investment was held as on November 29, 2001 and b) in other cases, held on the date of commencement of these Regulations; (vi) Overseas Corporate Body (OCB) means and includes an entity defined in Clause (xi) of Regulation 2 of the Foreign Exchange Management (Deposit) Regulations, 2000 and which was in existence on the date of commencement of these Regulations and immediately prior to such commencement was eligible to undertake transactions pursuant to the general permission granted under the Regulations; (vii) Regulations means the Regulations made under the Act; (viii) Schedule means Schedule to these Regulations.