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Notification No.FEMA 69/2002-RB
August 26,2002
Foreign Exchange Management(Foreign
Currency Account by a Person Resident in India) (Amendment) Regulations, 2002
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 May 3, 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 Regulations may be called the Foreign
Exchange Management (Foreign Currency Accounts by a Person Resident in India)
(Fourth Amendment ) Regulations,2002.
ii. They shall come into force on the date
of their publication in the official Gazette.
2. Amendment to the Regulations
In the Foreign Exchange Management
(Foreign Currency Accounts by a Person Resident in India) Regulations, 2000
in the Schedule.
i. for paragraph (1), the following paragraph
shall be substituted, namely;
3.An entity or a person specified in column 1
of the Table below may credit to the EEFC Account an amount upto the limit
specified in column 2 thereof from out of the foreign exchange earnings specified
in sub-paragraph(1A) namely;
Entity/person |
Limit(per cent) |
| 1. A Status Holder Exporter(as defined in EXIM
Policy in force) |
100 |
| 2. A resident in India for professional
Services rendered in his individual capacity |
100 |
3. 100 per cent Export Oriented Unit/s.
Unit/s in EPZs/STPs/EHTPs |
70 |
| 4. Any other person resident in India |
50 |
Provided that the Reserve Bank
may, on an application made to it and on being satisfied that it is necessary
to do so, grant permission to hold higher percentage of inward remittance/payments
in foreign exchange in the EEFC account.
Explanation: For the purpose of category(2)
in column 1,'professional' shall mean:
i. Director on Board of overseas
company
ii. Scientist/Professor in
Indian University/Institution
iii. Economist
iv. Lawyer
v. Doctor
vi. Architect
vii. Engineer
viii. Artist
ix. Cost/Chartered Accountant
x. Any other person rendering
professional services in his individual Capacity,
as may be specified by the Reserve Bank from time to time'.
ii. In sub-paragraph (1A) after clause (v) ,
the following clause shall be added, namely:
'(vi) Professional earnings including director’s
fees, consultancy fees, lecture fees, honorarium and similar other earnings
received by a professional by rendering services in his individual capacity'
(K.J.Udeshi)
Executive Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 08.11.2002 - G.S.R.No.755(E)
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