Notification No. FEMA 27/2000-RB dated 14th August, 2000

Foreign Exchange management
(Foreign Currency Accounts by a Person Resident in India)
(Amendment) Regulation, 2000

FEMA

- RFCs Regulations Amended

- EEFC Account Not Maintainable as Term Deposit

- Deposit in EEFC Account upto 25% and 35% of Export Earnings

In exercise of the powers conferred by clause (b) of Section 9 and clause (e) of sub-section (2) of Section 47 of the ForeignExchange Management Act, 1999 (42 of 1999), and partial modification of its Ntf. No. FEMA 10/2000-RB dated 3rd May, 2000, the Reserve Bank of India makes the following Regulations to amend the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, namely:-

1.

Short title and commencement:-

1. These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulation, 2000
   
   
2. They shall come into force with immediate effect.

2.

Amendment of the Regulations and the Schedule

In the Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) Regulations, 2000 (hereinafter referred to as "the said Regulations")

1. in Regulation 9, in sub-regulation (1), the following proviso shall be inserted, namely:-
   
   "Provided that the EEFC Account referred to in Regulation 4, shall not be opened, held and maintained in the form of a term deposit account/"
   
   
2. in the Schedule, in paragraph (1), for the words "up to 70 per cent" and "up to 50 per cent", the words "up to 35 per cent" and "up to 25 per cent", shall be substituted respectively:
   
   

   Sd/-
   (P.R. Gopala Rao)
   Executive Director

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