NTF. NO. FEMA 109/2004-RB, DT. 01/01/2004

FEM (Foreign Currency Accounts by a Person Resident in India) (First Amendment) Regulations, 2004

G.S.R. 13(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 Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notification No. FEMA 10/2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000 namely :-

1. Short title and commencement

(a) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (First Amendment) Regulations, 2004

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

2. Amendment of the Regulation

In the Foreign Exchange Management (Foreign currency Accounts by a person resident in India) Regulations, 2000,

a) In Regulation 5, in sub-regulation (1), after sub-clause (d) the following shall be added namely:

"(e) received as the proceeds of life insurance policy claims/maturity/surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority."

b) (i) In Regulation 5A, in sub-regulation (1), the words " A person resident in India" may be substituted by the words "A resident Individual".

(ii) In Regulation 5A, in sub-regulation (1) after sub-clause (g) the following shall be added namely:

"(h) by way of earnings received as the proceeds of life insurance policy claims/maturity/surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority."

Foot-note : The Principal Regulations were published in the Official Gazette vide No. G. S. R 3 93 (E) dated 5 May, 2000 in Part II, Section 3, Sub-section (i) and subsequently amended vide No. G.S.R. 675(E) dated 25 August, 2000, No. G.S.R. 89(E) dated 12 February, 2001, No. G.S.R 103(E) dated 19 February, 2001, No. G.S.R 200(E) dated 21 March, 2001, No. G.S.R. 5(E) dated 2 January, 2002, No. G.S.R. 261(E) dated 9 April, 2002, No. G.S.R 465(E) dated 2 July, 2002, No. G.S.R 474(E) dated 8 July, 2002, No. G.S.R. 755(E) dated 8 November, 2002, No. G.S.R 756(E), No. G.S.R 224(E) dated 18 March, 2003 and No. G.S.R 398(E) dated 14 May, 2003, No. G.S.R 452(E) dated 3 June, 2003 and No. G.S.R. 453(E) dated 4th June, 2003, and No. G.S.R. 11(E) dated 7 January, 2004.

(Above foot note has been added vide Ntf. No. G.S.R.717(E), Dt. 20/10/2004)

Sd/-
Usha Thorat,
Executive Director

[No. 1 /23/EC/2000-Vol. ll]

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