Foreign Exchange Management (Foreign Currency Accounts by A Person Resident In India) (Second Amendment) Regulations, 2012 - Amendment in Regulation 5 and Schedule-I - 239/2012-RB - Foreign Exchange Management

RESERVE BANK OF INDIA (EXCHANGE CONTROL DEPARTMENT) CENTRAL OFFICE MUMBAI 400 001 Notification No. FEMA/239/2012-RB Dated 25-9-2012 G.S.R. 915(E)- In exercise of the powers conferred by clause (b) of Section 9 and clause (e) of sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) , the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 ( Notification No. FEMA 10/2000-RB, dated May 3, 2000 ), namely:- Short title and Commencement 1. (i) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2012. (ii) They shall be deemed to have come into effect from the 15th day of September 2011. Amendment of the Regulations 2. In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 ( Notification No. FEMA 10/2000-RB, dated May 3, 2000 ) (hereinafter referred to as 'the Principal Regulations'), In Regulation 5 after sub-regulation (2) , the following new sub-regulation (3) shall be added, namely:- "(3) Resident individuals are permitted to include resident close relative(s) as a joint holder(s) in their Resident Foreign Currency account on 'former or survivor' basis. However, such resident Indian close relative joint account holder shall not be eligible to operate the account during the life time of the resident account holder. Explanation : For the purpose of this sub-regulation, 'close relative' means 'relative' as defined in Section 6 of the Companies Act, 1956. " Amendment to the Schedule 3. In the Schedule to the Principal Regulations, in paragraph 4 after sub-paragraph (ii), a new sub-paragraph (iii) shall be added, namely :- "(iii) Resident individuals are permitted to include resident close relative(s) as a join holder(s) in their EEFC account on 'former or survivor' basis. However, such resident Indian close relative(s), shall not be eligible to operate the account during the life time of the resident account holder. Explanation : For the purpose of this sub-regulation, 'close relative' means relative as defined in Section 6 of the Companies Act, 1956. " [No. FEMA 239/2012-RB] RUDRA NARAYAN KAR, Chief General Manager Foot Note:- 1.@ It is clarified that no person will be adversely affected as a result of retrospective effect being given to these regulations. 2. The Principal Regulations were published in the Official Gazette vide No. G.S.R. 393(E) dated May 5, 2000 in Part II, Section 3, Sub-section (i) and Subsequently amended vide (a) No. GSR 675(E), dated 28.08.2000, (b) No. GSR 89(E), dated 12.02.2001 (c) No. GSR 103(E), dated 19.02.2001 (d) No. GSR 200(E), dated 21.03.2001 (e) No. GSR 5(E), dated 02.01.2002, (f) No. GSR 261(E), dated 09.04.2002, (g) No. GSR 465(E), dated 02.07.2002, (h) No. GSR 474(E), dated 08.07.2002, (i) No. GSR 755(E), dated 08.11.2002, (j) No. GSR 756(E), dated 08.11.2002, (k) No. GSR 224(E), dated 18.03.2003, (l) No. GSR 398(E), dated 14.05.2003, (m) No. GSR 452(E), dated 03.06.2003 (n) No. GSR 453(E), dated 04.06.2003, (o) No. GSR 11(E), dated 07.01.2004, (p) No. GSR 13(E), dated 07.01.2004, (q) No. GSR 209(E), dated 23.03.2004, (r) No. GSR 455(E), dated 30.06.2007 (s) No. GSR 778(E), dated 19.12.2007, (t) No. GSR 92(E), dated 15.02.2008, (u) No. GSR 838(E), dated 23.11.2009 (v) No. GSR 340(E), dated 21.04.2010