CIR. NO. 65/2003-04-RB, DT. 05/02/2004
Foreign Exchange Management Act, 1999-Amendments to Foreign Exchange Management Regulations
Attention of authorised dealers is invited to A.P.(DIR Series) circulars relating to :
i. Risk Management and Indian Bank Dealings
ii. Forward cover for Foreign Institutional Investors
iii. Foreign Currency Loan in India to holders of FCNR (B) Deposits
iv. Overseas Direct Investment-Liberalisation of Automatic Route
v. Acquisition of immovable property outside India-Branches/Trading Offices overseas
vi. Forward Contracts-Enlargement of scope of transactions
The relevant amendments to the Foreign Exchange Management Regulations, 2000 issued by Reserve Bank have been notified by the Government, in the Official Gazette, as indicated in the Annexure. (Copies of the Notifications are enclosed).
2. Authorised dealers may bring the contents of this circular to the notice of their constituents concerned.
3. The directions contained in this circular have been issued under section 10(4) and section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
Yours faithfully,
(Grace Koshie)
Chief General Manager
Annexure
[A.P.(DIR Series) Circular No.65
dated February 5, 2004]
Reserve Bank Notifications-Amendment to Foreign Exchange Management
Regulations, 2000 issued under the Foreign Exchange Management Act, 1999| Sr. No. | A.P. DIR (Series) Circular | FEMA Notification |
| No. and date | Subject | No./date/subject | G.S.R. No. |
| 1. | 2. | 3. | 4. | 5. |
| 1. | 63/21.12.2002 | Risk Management and Inter-Bank Dealings | Notification No.FEMA.70/2003-RB dated 26.8.2002 - Foreign Exchange Management (Foreign Exchange Derivative Contract) (Third Amendment) Regulations, 2002. | 222 (E) dated 26.8.2002 |
| 2. | 50/16.11.2002 | Forward cover for Foreign Institutional Investors | Notification No.FEMA.81/ 2003-RB dated 8.1.2003 - Foreign Exchange Management (Foreign Exchange Derivative Contract) (Amendment) Regulations, 2003. | 532(E) dated 8.1.2003 |
| 3. | 24/25.9.2002 | Foreign Currency Loan in India to holders of FCNR (B) Deposits | Notification No.FEMA.82/2003-RB dated 10.1.2003 - Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Second Amendment) Regulations, 2003. | 533(E) dated 10.1.2003 |
| 4. | 83/1.3.2003 | Overseas Direct Investment-Liberalisation of Automatic Route | Notification No.FEMA.86/ 2003-RB dated 1.3.2003-Foreign Exchange Management (Transfer or issue of any Foreign Security) (Amendment) Regulations, 2003. | 629 (E) dated 1.3.2003 |
| 5. | 71/13.1.2003 104/31.5.2003 | Acquisition of immovable property outside India-Branches/Trading Offices overseas | Notification No.FEMA.103/2003-RB dated 13.10.2003 - Foreign Exchange Management (Acquisition and Transfer of immovable property outside India) (Amendment) Regulations, 2003. | 848(E) dated 13.10.2003 |
| 6. | 98/29.4.2003 | Booking Forward Contracts | Notification No.FEMA..104/ 2003-RB dated 21.10.2003 - Foreign Exchange Management (Foreign Exchange Derivative Contract) (Third Amendment) Regulations, 2003. | 880(E) dated 21.10.2003 |
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