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Foreign Exchange Management Act Notification


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Foreign Exchange Management (Deposit) ( Amendment) Regulations, 2007

Notification No.FEMA. 156 /2007-RB

Dated June 13,  2007

Foreign Exchange Management (Deposit) ( Amendment) Regulations, 2007

In exercise of the powers conferred by clause (f) of Sub-section (3) of Section 6, Sub-Section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Deposit) Regulations, 2000 (Notification No. FEMA.5/2000-RB dated 3rd May 2000) namely:-

1. Short Title & Commencement:-

(i) These Regulations may be called the Foreign Exchange Management (Deposit) (Amendment) Regulations, 2007.

(ii) They shall come into force from January 31, 2007.@

2. Amendment of the Regulations:-

(i) In the Foreign Exchange Management (Deposit) Regulations, 2000, in Schedule 1, in paragraph 6, after sub-paragraph (c), the following new sub-paragraph shall be inserted, namely:-
 “(d) The loans and facilities granted under this paragraph shall be subject to such directions as may be issued by the Reserve Bank from time to time”.

(Salim Gangadharan)
Chief General Manager

Foot Note:

(i) The Principal Regulations were published in the Official Gazette vide G.S.R.No.388 (E) dated May 5, 2000 and subsequently amended vide
(a) G.S.R. No. 262(E) dated April 9, 2002,
(b) G.S.R. No. 577(E) dated August 19, 2002,
(c) G.S.R. No. 855(E) dated December 31, 2002,
(d) G.S.R. No. 494(E) dated August 4, 2004,
(e) G.S.R. No. 221(E) dated April 7, 2005; 
(f)  G.S.R. No. 663(E) dated November 14, 2005 and
(g) G.S.R.  No.  28 (E) dated January 19, 2006
(ii) @ It is clarified that no person will be adversely affected as a result of retrospective effect being given to such regulation.

Published in the Official Gazette of Government
of India – Extraordinary – Part-II, Section 3,
Sub-Section (i) dated 23.07.2007 - G.S.R.No. 495 (E)