Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2000 - 030/2000 - Foreign Exchange Management

Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2000 RESERVE BANK OF INDIA (EXCHANGE CONTROL DEPARTMENT) CENTRAL OFFICE MUMBAI - 400 001 Notification No.FEMA 30 /2000-RB dated November 17, 2000 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 12.02.2001 - G.S.R. No. 89(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), and in partial modification of its notification No.FEMA 10/2000-RB dated 3 rd May, 2000, the Reserve Bank of India makes the following Regulations to amend the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, namely:- 1. Short title and commencement:- i. These regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2000. ii. 1 [They shall deemed to have come into force from October 10, 2000. ] 2. Amendment of the Regulations and the Schedule In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 (hereinafter referred to as 'the said Regulations'), a. in Regulation 9, for the proviso, the following proviso shall be substituted, namely:- 'Provided that the EEFC Account referred to in Regulation 4, shall be opened, held or maintained in the form of a non-interest bearing current account only;' b. in the Schedule to the said Regulations, in paragraph (1), for the words 'up to 35 per cent' and 'up to 25 per cent', the words 'up to 70 per cent' and 'up to 50 per cent', shall be substituted. Sd/- (D.P. Sards) Executive Director ------------------- Notes:- 1. Substituted vide Notification F. No. 1/17/EM/2012 - Dated 8-8-2013 , before it was read as The shall come into force with immediate effect .