Foreign Exchange Management Act, 1999 - Liberalisation - FEMA - 104

Foreign Exchange Management Act, 1999 - Liberalisation Reserve Bank of India Exchange Control Department Central Office Mumbai - 400 001 A.P.(DIR Series) Circular No.104 May 31, 2003 To All Authorised Dealers in Foreign Exchange Madam/Sir, Foreign Exchange Management Act, 1999 - Liberalisation Attention of authorised dealers is invited to our A.P.(DIR Series) Circulars listed below, announcing certain liberalised facilities in Capital Account transactions for a period upto June 30, 2003, subject to review. Sr. No. A.P.(DIR Series) Circular No. Date Subject 1. 66 13.01.2003 Overseas Investments - By Corporates, Individuals and Mutual Funds. 2. 67 13.01.2003 Facilities to NRIs/PIOs and Foreign Nationals 3. 68 13.01.2003 Acquisition of foreign securities by Resident individuals under ESOP Scheme 4. 69 13.01.2003 Retention of Proceeds of ADRs/GDRs abroad 5. 70 13.01.2003 External Commercial Borrowings - Parking of funds abroad 6. 71 13.01.2003 Acquisition of immovable property outside India - Branches/trading offices overseas 7. 78 14.02.2003 EEFC Account Scheme - Extension of trade related loans/advances to overseas importers 2. It has now been decided to extend these facilities beyond June 30, 2003 till further notice. 3. Necessary amendments to the Foreign Exchange Management Regulations, 2000 are being issued separately. 4. Authorised dealers may bring the contents of this circular to the notice of their constituents concerned. 5. 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). Yours faithfully, Grace Koshie Chief General Manager