NTF. NO. FEMA 113/2004-RB, DT. 06/03/2004

Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2004
Trade Related Loans/Advances Extended to Importer-Ceiling of US $ 3 million Removed

G.S.R. 209(E). - In exercise of the powers conferred by clause (d) 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 Notification No. FEMA-10/2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank of India makes the following Regulations to amend the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) 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) (Amendment) Regulations, 2004.

(ii) They shall come into force from the date of their publication in the Official Gazette.

2. Amendment to Regulations:-

In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 in sab-para (iv) of para 3 of the Schedule, the words "not exceeding US $ 3 million" shall be deleted.

Sd/-
Shyamala Gopinath
Executive Director

[F. No. 1/23/EC/2000-Vol.II]

Footnote: 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. 755(E) dated November 8, 2002, G.S.R. No. 756(E) dated _____, 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, G.S.R. No. 11(E) dated January 7, 2004, G.S.R. No. 13(E) dated January 7, 2004.

(Above footnote has been added vide Corrigendum G.S.R. 205(E)-RB, DT. 17/03/2005)

Presented by eximkey.com