9911796707
TMI BlogAmendments in the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000X X X X Extracts X X X X X X X X Extracts X X X X ..... NGE CONTROL DEPARTMENT CENTRAL OFFICE MUMBAI-400 001 Notification No.FEMA 47/2001-RB Dated December 5, 2001 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 02.01.2002 - G.S.R. No. 5(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 E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istered or incorporated in India (hereinafter referred to as 'the Indian entity') may open, hold and maintain in the name of its office (trading or non-trading) or its branch set up outside India or its representative posted outside India, a foreign currency account with a bank outside India by making remittances from India for the purpose of normal business operations of the office/branch or repr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in contravention of the Act, Rules or Regulations made thereunder; d. the account so opened, held or maintained shall be closed, a. if the overseas branch./office is not set up within six months of opening the account, or b. within one month of closure of the overseas branch/office, or c. where no representative is posted for six months. and the balance held in the account shall be re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... outside India, other than by way of lease not exceeding five years, by the overseas branch/office/representative will be subject to the Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2000'. ( K. J. Udeshi ) Executive Director Foot-note : The Principal Regulations were published in the official gazette vide G.S.R.No.393(E) dated 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
