Foreign Exchange Management (International Financial Services Centre) (Amendment) Regulations, 2020 - FEMA. 397/RB-2020 - Foreign Exchange Management

RESERVE BANK OF INDIA (Financial Markets Regulation Department) (Central Office) NOTIFICATION Mumbai, the 07th January, 2020 Foreign Exchange Management (International Financial Services Centre) (Amendment) Regulations, 2020 No. FEMA. 397/RB-2020 .-In exercise of the powers conferred by section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) , the Reserve Bank hereby makes the following amendments in the Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 ( Notification No. FEMA.339/2015-RB dated March 2, 2015 ), namely:- 1. Short title and commencement i. These regulations may be called the Foreign Exchange Management (International Financial Services Centre) (Amendment) Regulations, 2020. ii. These regulations shall come into force with effect from the date of their publication in the Official Gazette. 2. Amendment The following proviso be added to principal regulation 4 : Provided that, Reserve Bank may, through a general or specific permission, allow a financial institution or a branch of a financial institution to conduct such business in Indian Rupee with such persons, whether resident or otherwise as it may determine. T. RABI SANKAR, Executive Director [ADVT.-III/4/Exty./415/19] Footnote. The principal regulations were published in the Gazette of India Extraordinary Part-II, Section 3, Sub-Section (i) on March 03, 2015 vide G.S.R. No. 218(E).