Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (First Amendment) Regulations, 2004 - 109/2004 - Foreign Exchange Management

Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India ) (First Amendment) Regulations, 2004 RESERVE BANK OF INDIA EXCHANGE CONTROL DEPARTMENT CENTRAL OFFICE MUMBAI 400 001 A.P.(DIR Series) Circular No.6 Notification No.FEMA.109/2004-RB Dated: January 1, 2004 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 07.01.2004 - G.S.R. No. 13(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 (Act 42 of 1999) and in partial modification of its Notification No.FEMA.10/2000-RB dated May 3, 2000, as amended from time to time, 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, namely :- 1. Short title and commencement (a) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (First Amendment) Regulations, 2004. (b) They shall come into force on their publication in the Official Gazette. 2. Amendment of the Regulations In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, (a) In Regulation 5, in sub-regulation (1), after sub-clause (d) the following shall be added, namely :- '(e) received as the proceeds of life insurance policy claims/maturity/ surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority. ' (b) (i) In Regulation 5A, in sub-regulation (1), the words, 'A person resident in India' may be substituted by the words 'A resident Individual'. (ii) In Regulation 5A, in sub-regulation (1) after sub-clause (g) the following shall be added, namely : '(h) by way of earnings received as the proceeds of life insurance policy claims/maturity/surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority.' ( Usha Thorat ) Executive Director G.S.R. 13(E) dated January 7, 2004 Foot-note: The Principal Regulations were published in the Official Gazette vide G.S.R.No.393(E) dated May 5, 2000 in Part II, Section 3, Sub-Section (i) and subsequently amended vide G.S.R.No.675(E) dated August 25, 2000, G.S.R.No.89(E) dated February 12, 2001, G.S.R.No.103(E) dated February 19, 2001, G.S.R.No.200(E) dated March 21, 2001, G.S.R.No.5(E) dated January 2, 2002, G.S.R.No.261(E) dated April 9, 2002, G.S.R.No.465(E) dated July 2, 2002, G.S.R.No.474(E) dated July 8, 2002, G.S.R.No.755(E) dated November 8, 2002, G.S.R.No.756(E), G.S.R.No.224(E) dated March 18, 2003, G.S.R.No.398(E) dated May 14, 2003, G.S.R.No.452(E) dated June 3, 2003, G.S.R.No.453(E) dated June 4, 2003 and G.S.R.No.11(E) dated January 7, 2004. That as rectified and modified as aforesaid, the Principal Regulations shall remain in full force and effect. G.S.R.No.717(E)/29.10.2004