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 FEMAKV20G0-RB dated 3rd May, 2000, the Reserve Bank of India

REGD NO. D L -33004/99 The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (i)

PUBLISHED BY AUTHORITY

No. 67] NEW DELHI, MONDAY, FEBRUARY 12,2001/MAGHA 23,1922419 GI/2001 (1) 2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] RESERVE BANK OF INDIA (Exchange Control Department)

NOTIFICATION

Mumbai, the 17th November, 2000

Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India)

(Second Amendment) Regulations, 2000

G.S.R. 89(E).—la 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 FEMAKV20G0-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

fi) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2000.

(n) They shall come into force with immediate effect.

2. Amendment of the Regulations and the Schedule

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

(a) in Regulation 9, for the proviso, the following proviso shall be substituted, namely '—

'Provided that the EEFC Account referred to in Regulation 4, shall be opened, held or maintained in the form of a non-interest bearing current account only;"

(b) in the Schedule to the said Regulations, in paragraph (1), for the words "up to 35 per cent" and "up to 25 per cent", the words "up to 70 per cent" and "up to 50 per cent¹', shall be substituted.

[Notification No. FEMA 30/2000-RBJ

D. P. SARDA, Executive Director

NOTIFICATION

Mmnbai, the 27lh November, 2000

G.S.R. 9<)(E).—In exercise of the powers conferred by clause (e) of Sub-section (3; of Section 6 and Sub- section (2) of Section 47 of die Foreign Exchange Management Act, 1999 (42 of 1999), and in partial modification of its Notification No. FEMA 4/2000-RB dated 3rd May, 2000, the Reserve Bank of India makes the following amendments in I he Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000, namely :—

1. (0 These Regulations may be called the Foreign Exchange Management (Borrowing and Lending in Rupees) (Amendment) Regulations, 2000,(n) These shall come into force with immediate effect. 2 In the Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000, in Regula- lions 7. in proviso (d), the words "Non-Resident Ordinary (NRO)" shall be deleted. [Notification No. FEMA 31/2000-RB] D. P. SARDA, Executive Director Printed by the Manager, Oovt of India Press, Ring Road, Movnpuri. New Delhi-110064 mid Published bv (he Controller oi Publications. Delhi-110054