RESERVE BANK OF INDIA
EXCHANGE
CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI
400 001 A.P.(DIR
Series) Circular No.6 Notification
No.FEMA.109/2004-RB Dated:
January 1, 2004 Foreign
Exchange Management (Foreign Currency Accounts by a Person Resident in India)
(First Amendment) Regulations, 2004
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 (Act 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 Regulations
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.'
( Usha Thorat )
Executive Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 07.01.2004 - G.S.R.No.13(E)
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