Foreign Exchange Management Act, 1999 – Amendments to Foreign Exchange Management Regulations - FEMA - 065

Foreign Exchange Management Act, 1999 - Amendments to Foreign Exchange Management Regulations RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI - 400 001 RBI/2004/43 A.P. (DIR Series) Circular No. 65 February 5, 2004 To All Authorised Dealers in Foreign Exchange Madam/Sirs, Foreign Exchange Management Act, 1999 - Amendments to Foreign Exchange Management Regulations Attention of authorised dealers is invited to A.P.(DIR Series) circulars relating to : i. Risk Management and Indian Bank Dealings ii. Forward cover for Foreign Institutional Investors iii. Foreign Currency Loan in India to holders of FCNR (B) Deposits iv. Overseas Direct Investment - Liberalisation of Automatic Route v. Acquisition of immovable property outside India - Branches/Trading Offices overseas vi. Forward Contracts - Enlargement of scope of transactions The relevant amendments to the Foreign Exchange Management Regulations, 2000 issued by Reserve Bank have been notified by the Government, in the Official Gazette, as indicated in the Annexure. (Copies of the Notifications are enclosed). 2. Authorised dealers may bring the contents of this circular to the notice of their constituents concerned. 3. 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 Annexure [A.P.(DIR Series) Circular No.65 dated February 5, 2004] Reserve Bank Notifications - Amendment to Foreign Exchange Management Regulations, 2000 issued under the Foreign Exchange Management Act, 1999 Sr. No. A.P. DIR (Series) Circular FEMA Notification No. and date Subject No./date/subject G.S.R. No. 1. 2. 3. 4. 5. 1. 63/21.12.2002 Risk Management and Inter-Bank Dealings Notification No.FEMA.70/2003-RB dated 26.8.2002 - Foreign Exchange Management (Foreign Exchange Derivative Contract) (Third Amendment) Regulations, 2002. 222 (E) dated 26.8.2002 2. 50/16.11.2002 Forward cover for Foreign Institutional Investors Notification No.FEMA.81/ 2003-RB dated 8.1.2003 - Foreign Exchange Management (Foreign Exchange Derivative Contract) (Amendment) Regulations, 2003. 532(E) dated 8.1.2003 3. 24/25.9.2002 Foreign Currency Loan in India to holders of FCNR (B) Deposits Notification No.FEMA.82/ 2003-RB dated 10.1.2003 - Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Second Amendment) Regulations, 2003. 533(E) dated 10.1.2003 4. 83/1.3.2003 Overseas Direct Investment - Liberalisation of Automatic Route Notification No.FEMA.86/ 2003-RB dated 1.3.2003 - Foreign Exchange Management (Transfer or issue of any Foreign Security) (Amendment) Regulations, 2003. 629 (E) dated 1.3.2003 5. 71/13.1.2003 104/31.5.2003 Acquisition of immovable property outside India - Branches/Trading Offices overseas Notification No.FEMA.103/ 2003-RB dated 13.10.2003 - Foreign Exchange Management (Acquisition and Transfer of immovable property outside India) (Amendment) Regulations, 2003. 848(E) dated 13.10.2003 6. 98/29.4.2003 Booking Forward Contracts Notification No.FEMA..104/ 2003-RB dated 21.10.2003 - Foreign Exchange Management (Foreign Exchange Derivative Contract) (Third Amendment) Regulations, 2003. 880(E) dated 21.10.2003