NTF. NO. FEMA 140/2005-RB, DT. 31/10/2005

Amendments in the Foreign Exchange Management (Deposit) Regulations 2000

G.S.R. 663(E).-In exercise of the powers conferred by clause (f) of Sub-section (3) of Section 6, Sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Deposit) Regulations, 2000 (Notification No. FEMA 5/2000-RB dated 3rd May 2000), namely:-

Short Title and Commencement :­

1. (i) These regulations may be called the Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2005.,

(ii) They shall come into force from July 26, 2005.@

Amendment of the Regulations :-

2. In the Foreign Exchange Management (Deposit) Regulations, 2000, in Schedule 2,

(i) for paragraph 2, the following shall be substituted:-

"2. Designated Currencies: Deposit of funds in the accounts may be accepted in such permissible currencies as may be designated by the Reserve Bank from time to time"

(ii) for paragraph 3, the following shall be substituted:–

"3. Type of account: These accounts may be opened only in the form of term deposit with maturity of such period as may be specified by the Reserve Bank from time to time".

Foot Note :

@ it is clarified that no person will be adversely affected as a result of retrospective effect being given to such regulations.

Sd/-
Vinay Baljal
Chief General Manager

[No. 1/23/EM/2000-IV]

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