Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2007 - 168/2007 - Foreign Exchange Management

Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2007 NOTIFICATION NO. G.S.R. 714(E) [FEMA 168/2007-RB], DATED 23-10-2007 In exercise of the powers conferred by clause ( f ) of sub-section (3) of section 6 , 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 (Deposit) Regulations, 2000 ( Notification No. FEMA 5/2000-RB dated May 3, 2000 ), namely:— Short title and commencement. 1. ( i ) These regulations may be called the Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2007. ( ii ) They shall be deemed to have come into effect on the 18th day of May, 2007.@ Amendment of the Regulations. 2. In the Foreign Exchange Management (Deposit) Regulations, 2000 ( Notification No. FEMA 5/2000-RB, dated May 3, 2000 ), in Schedule 2 , paragraph 11 shall be renumbered as sub-paragraph (1) thereof and after sub-paragraph (1) so renumbered, the following sub-paragraph shall be inserted, namely:— "(2) Authorised dealer may permit remittance of the maturity proceeds of FCNR (B) deposits to third parties outside India, provided the transaction is specifically authorised by the account holder and the authorised dealer is satisfied about the bona fides of the transaction." [F.No. l/23/EM/2000 Vol. IV]