RESERVE BANK OF INDIA
(EXCHANGE CONTROL DEPARTMEENT)
CENTRAL OFFICE
MUMBAI 400 001
Notification NO.FEMA 3 7/2001-RB dated February 27, 2001
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. (i) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2001.
(ii) They shall come into force with immediate effect.
2. In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 (hereinafter referred to as “the said Regulations”), in the Schedule, after paragraph 4, the following paragraph shall be added, namely:
“5. Special provisions for EEFC Account of a unit in a Special Economic Zone”.
(1) Save as otherwise provided in this paragraph, nothing contained in paragraphs 1 to 4 of this Schedule, shall apply to a unit in a Special Economic Zone.
(2) A unit in a Special Economic Zone may credit to its EEFC Account, all its receipts up to 100% in foreign exchange, except the following, namely:
(i) acquisition of foreign exchange by purchase against rupees from any person resident in India other than a unit in a Special Economic Zone,
(3) Paragraphs 3 and 4 shall mutatis mutandis apply to the EEFC Account of such unit.”
SD/-
D.P. Sarda
Executive Director