(This Ntf. supercited vide Ntf. No. FEMA 63/2002-RB, Dt. 21/06/2002)

Notification No. FEMA 37/2001-RB, dated 27th February, 2001

EEFC Account of Units in SEZs
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 Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notification No. FEMA 10/2000-RB dated 3rd May 2000, Reserve Bank of India makes the following amendments to Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, namely :

1. (i) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) ( Third Amendment) Regulations, 2002.

(ii) They shall come into force on their publication in the Official Gazette.

(Sub-regulations (i) & (ii) has been amended vide Ntf. No. FEMA 63/2002-RB, Dt. 21/06/2002)

[OLD -

1.

(i) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2001.

(ii) They shall come into force with immediate effect. -]

2.

In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 (hereinafter referred to as "the said Regulations"), in the Schedule, after paragraph 4, the following paragraph shall be added, namely :

"5. Special provisions for EEFC Account of a unit in a Special Economic Zone

1. Save as otherwise provided in this paragraph, nothing contained in paragraphs 1 to 4 of this Schedule, shall apply to a unit in a Special Economic Zone.
   
   
2. A unit in a Special Economic Zone may credit to its EEFC Account, all its receipts up to 100% in foreign exchange, except the following, namely:
   
   
   1. acquisition of foreign exchange by purchase against rupees from any person resident in India other than a unit in a Special Economic Zone,
   
   
3. Paragraphs 3 and 4 shall mutatis mutandis apply to the EEFC Account of such unit."

Sd/-
(D.P. Sarda)
Executive Director

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