NTF. NO. FEMA 87/2003-RB, DT. 20/03/2003

Foreign Currency Account-Construction/Project Contractor Undertaken Contract Abroad Allowed to Open a FCA in India as well

G.S.R. 398(E).-In exercise of the powrs conferred by clause (b) of Section 9 and clause (c) of sub-section (2) of Section 47 and in partial modification of its Notification No. FEMA 10/2000-RB dated 3rd May, 2000 the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Foreign Currency Account 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 Account by a Person Resident in India) (Amendment) Regulations, 2003.

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

2. Amendment of the Regulation

In the Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) Regulations, 2000, in Regulation 7, in clause (5), for the words “Foreign Currency Account with a bank outside India”, the words, “Foreign Currency Account with a bank outside or in India” shall be substituted.

Sd/-
K.J. Udeshi,
Executive Director

(Please refer Cir. No. 20/2003-04-RB, DT. 23/09/2003 for opening of foreign Currency Account in India by Project / Service Exporter for Execution of Contract Abroad)

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