Credit of sale proceeds of Foreign Direct Investments in India to NRE/FCNR (B) accounts - Clarification.

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..... ion of the Authorised Dealer (AD) banks is invited to Regulation 11 of the Notification No. FEMA 20/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000, as amended from time to time. 2. The Committee constituted to Review the Facilities for Individuals under the Foreign Exchange Management Act, 1999 in its .....

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..... accordingly guided and bring the contents of this circular to the notice of their constituents/customers concerned. 5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law. Yours faithfully, (Meena Hemchandra) C .....

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