Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2013 - 280/2013-RB - Foreign Exchange Management

RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION No. 280/2013-RB Mumbai, the 10 th July, 2013 Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2013 G.S.R. 531(E) - In exercise of the powers conferred by clause (f) of sub-section (3) of Section 6 and sub-section (2) Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) , the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Deposit) Regulations, 2000 ( Notification No. FEMA. 5/2000-RB dated 3 rd May 2000 ), hereinafter called 'Principal Regulations' namely:- 1. Short Title Commencement (i) These Regulations may be called the Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2013. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment of Regulation In Regulation 5 of the Principal Regulations, after sub-regulation (4), the following sub-regulation (5) shall be added : "(5) A non-resident including a Non Resident Indian (NRI) may open a single non-interest bearing Rupee Account with the Authorised Dealers in India without the prior approval of Reserve Bank of India, for the limited purpose of purchase of shares on the recognized stock exchanges in accordance with Regulation 10D of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 ( Notification No. FEMA.20/2000-RB dated 3 rd May 2000 )." [No. FEMA 280/2013-RB] RUDRA NARAYAN KAR, Chief General Manager-in-Charge Foot Note : The Principal Regulations were published in the Official Gazette vide G.S.R. No. 388(E) dated May 5, 2000 in Part II, Section 3, Sub-section (i) and subsequently amended as under :- (a) G.S.R. No. 262(E) dated April 9, 2002 (b) G.S.R. No. 577(E) dated August 19, 2002 (c) G.S.R. No. 855(E) dated December 31, 2002 (d) G.S.R. No. 494(E) dated August 4, 2004 (e) G.S.R. No. 221(E) dated April 7, 2005 (f) G.S.R. No. 663(E) dated November 14, 2005 (g) G.S.R. No. 28 (E) dated January 19, 2006 (h) G.S.R. No. 495(E) dated July 23, 2007 (I) G.S.R. No. 664 (E) dated October 16, 2007 (j) G.S.R. No.714 (E) dated November 14, 2007 (k) G.S.R. No.91 (E) dated February 15, 2008 (l) G.S.R. No.442 (E) dated June 23, 2009 (m) G.S.R. No.822 (E) dated November 10, 2012 (n) G_S.R. No.893 (E) dated December 17, 2012 (o) G.S.R. No.798 (E) dated October 30, 2012 (p) G.S.R. No.26(E) dated January 17, 2013