NTF. NO. FEMA 77/2002-RB, DT. 25/11/2002*

EEFC Accounts-Domestic Units Permitted to Credit to EEFC Account Specified Amount of FOREX Received as Payment for Goods Supplied to SEZ Units

Foreign Exchange Management (Foreign Currency Account by a person Resident in India) (Amendment) Regulations, 2003

G.S.R. 224(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 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. Short title and commencement

(i) These Regulation may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2003.

(ii) They shall come into force on the date of their publication in the official gazette.

(In above Notification the figure "2003" at title & short title & "Amendment" has been substituted vide CORRIGENDUM - G.S.R. No.556(E), DT. 31/08/2004)

2. Amendment to the Regulations

In the Foreign Exchange management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 in the Schedule, in paragraph 1, in sub-paragraph (lA), in clause (ii), after the words “to a unit in Domestic Tariff Area”, the following words shall be added, namely;

“and also payments received in foreign exchange by a unit in Domestic Tariff Area for supply of goods to a unit in Special Economic Zone (SEZ).”

Sd/-
K. J. Udeshi,
Executive Director

Foot-note : 'The Principal Regulations were published in the official gazette vide G.S.R. No. 393(E) dated May 5, 2000 in Part II, Section 3, Sub-section (i) and subsequently amended vide G.S.R. No. 675(E) dated August 25, 2000, G.S.R. No. 89(E) dated February 12, 2001, G.S.R. No. 103(E) dated February 19, 2001, G.S.R. No. 200(E) dated March 21, 2001, G.S.R. No. 5(E) dated January 2, 2002, G.S.R. No. 261(E) dated April 9, 2002, G.S.R. No. 465(E) dated July 2, 2002, G.S.R. No. 474(E) dated July 8, 2002, G.S.R. No. 755(E) dated November 8, 2002 and G.S.R. No. 756(E) dated November 8, 2002.

(Above foot-note has been added vide CORRIGENDUM - G.S.R. No.556(E), DT. 31/08/2004)

(Please refer Cir. No. 08/2003-04-RB, Dt. 16/08/2003)

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