REGD. NO D. L.-33004/99

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (i)

PUBLISHED BY AUTHORITY

No. 379 ]

NEW DELHI, MONDAY, AUGUST 19, 2002/SRAVANA 28,1924

RESERVE BANK OF INDIA

(Exchange Control Department)

(Central Office)

NOTIFICATION

Mumbai, the 20th September, 2001 •

G.S.R. 574(E).—In exercise of the powers conferred by clause (b) of Sub-section (3) of Section 6 and Section 47

of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notification No FEMA 2001

2585 GI/2002

(1)

THE GAZETTE OF INDIA: EXTRAORDINARY

[PART II—SLC. 3(i)]

2000-RB dated 3rd May 2000. the Reserve Bank of India makes the following amendments in the Foreign Exchange

Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000. as amended from time to

time, namely;—

1. (1) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a

Person Resident outside India) (Amendment) Regulations, 2001.

(2)

They shall come into force with immediate effect

2. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India)

Regulations, 2000, in Schedule 2, in paragraph (1). in sub-paragraph (4). for the proviso, the following proviso

shall be substituted, namely:—

"Provided that the limit of 24% referred to in this paragraph may be increased up to the sectoral cap/statutory

ceiling, as applicable, by the Indian company concerned by passing a resolution by its Board of Directors

followed by passing of a special resolution to that effect by its General Body."

[No FEMA.45/2(K)1-RB]

K.J. UDESHI, Executive Director

NOTIFICATION

Mumbai, the 18th March, 2002

Foreign Exchange Management (Guarantees) (Amendment) Regulations, 2002

G.S.R. 575(E).—In exercise of the powers conferred by clause (j) of sub-section (3) of section 6, 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 8/2000-RB dated 3^rd May 2000, the Reserve Bank of India makes the following Regulations to amend the Foreign

Exchange Management (Guarantees) Regulations 2000, namely :—

Short title & commencement:—

(i)

These Regulations may be called the Foreign Exchange Management (Guarantees) (Amendment)

Regulations, 2002.

(11) They shall conic into force from the date of their publication in the Official Gazette.

Amendment to the Regulation

In the Foreign Exchange Management (Guarantees) Regulations, 2000 (hereinafter referred to as "the said

Regulations")

(1)

The existing Regulation 5, Sub-Regulation (a) shall be numbered as "(a)(0" •

(li) after Sub-Regulation (a)(i) as so numbered, the following Sub-Regulation shall be inserted, before

Explanation, namely:-—

(in) a person resident in India being an exporter company may give guarantee in lieu of Bid Bond Guarantee,

for bidding for a contract outside India without the approval of the Approving Authority provided that

the amount of such guarantee shall not exceed 5% of the contract value.

[No.FEMA.56/2002-RB]

K.J. UDESHI, Executive Director

THE GAZETTE OF INDIA: EXTRAORDINARY

[PART II—SEC\3(I)]

NOTIFICATION

Mumbai, the 13th May, 2002

Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations, 2002

G.S.R. 576(E).—In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act,

1999 (42 of 1999), and in partial modification of Notification No FEMA13/2OOO-RB dated May 3,2000, the Reserve Bank of

] ndia makes the following amendments m the Foreign Exchange Management (Remittance of Assets) Regulations, 2000,

namely •—

Short title and commencement

1 (I) These Regulations may be called the "Foreign Exchange Management (Remittance of Assets) (Amendment)

Regulations, 2002".

(ii) They shall come into force from the date ot their publication in the Official Gazette of the Government of

India.

Amendment of the Regulations

2. In the Foreign Exchange Management (Remittance of Assets) Regulations, 2000,

(a) In Regulation 2.

(i)

after clause (ii), the following clause shall be inserted, namely:—

"(lii) Non-Resident Indian (NR1V means a person resident outside India who is a citizen of India."

(ii)

The existing clauses (in), (iv) and (v) shall be renumbered as (iv), (v) and (vi) respectively.

(b) In Regulation 4.

(i)

for sub-regulation (1), the following sub-regulation shall be substituted, namely—

"(1) A person specified in sub-regulations (2) and (3) may make remittance of assets through an authorised

dealer, to the extent specified in those sub-regulations."

(ii) in sub-regulation (2). the words, " Rs.20 lakhs per calendar year" shall be substituted with the words,

tw US$ 1.00.000 ( US Dollar One lakh only) per calendar year."

(in) after sub-regulation (2), the following sub-regulation shall be inserted, namely:—

"(3) A Non-resident Indian (NRI )/Person of Indian Origin (RIO), may remit an amount, not exceeding US$

1.00.000 (US Dollar One lakh only) per calendar year, out of the assets in India acquired by him by way of

inheritance/legacy on production of,

documentary e\ idence m support of the inheritance/legacy, and

(b) a Tax clearance/ no objection certificate from the Income-Tax authority for the remittance."

Provided that where the remittance is made in more than one installment, the remittance of all installments

shall be made through the same authorised dealer

(IV) for sub-regulation (3), the following sub-regulation shall be substituted, namely —

"(4) An Authorised dealer in India may, without approval from Reserve Bank, effect remittance of assets

made by a person eligible under sub-regulation (2) or sub-regulation (3) as the cafe may be "

the sub-regulation (l)(i) shall be substituted by —

" 0) Remittance exceeding US$ 1,00,000 (US Dollar One lakh only) per calendar year on account of legacy,

bequest or inheritance to a citizen of foreign state permanently resident outside India,"

[NoFEMA62/2002-RB]

K J UDESM, Executive Director

NOTIFICATION

Mumbai, the 29th June, 2002

G.S.R. 577(E).—In exercise of 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 oflndia makes the following

amendments to Foreign Exchange Management (Deposit) Regulations 2000, namely —

1 0)

These Regulations may be called the Foreign Exchange Management (Deposit) (Amendment) Regulations

2002

(11) They shall come into force on their publication in the Official Gazette

2 In the Foreign Exchange Management (Deposit) Regulations 2000, sub-para (I) of para 3 of Schedule 1 to RBI

Notification No FEMA 5/2000-RB dated 3rd May 2000, shall be substituted as under —

" Refund of application / earnest money / purchase consideration made by the house building agencies / seller

THE GAZETTE OF INDIA: EXTRAORDINARY

[PAR I II—SEC. 3(i)]

on account of non-allotment of flat / plot / cancellation of bookings / deals for purchase of residential /

commercial property, together with interest, if any (net of income tax payable thereon), provided the original

payment was made out of NRE / FCNR account of the account holder or remittance from outside India through

normal banking channels and the authorised dealer is satisfied about the genuineness of the transaction.

INO.FEMA64/2002-RB]

K. J. UDESK, Executive Director

NOTIFICATION

Mumbai, the 29th June, 2002

G.S.R. 578(E).—In exercise of powers conferred by clause (i) 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 to Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations

2000, namely :—

1. (i)

These Regulations may be called the Foreign Exchange Management (Acquisition and transfer of

immovable property in India) (Amendment) Regulations 2002,

(ii)

They shall come into force on their publication in the Official Gazette.

2. In the Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations

2000. the condition No. (ii) of clause (b) of Regulation 6 shall be deleted and the subsequent conditions (iii) and

(iv> sjiall be renumbered as (ii) and (iii) respectively.

[No.FEMA6.V2002-RB]

K. J. UDESM, Executive Director

• 7

NOTIFICATION

Mumbai. the 27th July, 2002

G.S.R. 579(E).—In exercise of the powers conferred by clause (h) of sub-section (2) of Section 47 of the Foreign

Exchange Management Act. 1999 (Act 42 or 1999). and in partial modification of its Notification No. FEMA 25/RB-2OOO

dated May 3. 2000. the Reserve Bank of India makes the following amendments in the Foreign Exchange Management

(Foreign exchange derivative contracts) Regulations, 2000, as amended from time to time, namely .—

1. (i)

These Regulations shall be called the Foreign Exchange Management (Foreign exchange derivative

contracts)/ (Second Amendment) Regulations. 2002.

(ii) They shall come into force wi th effect from their publication in the Official Gazette.

2. In the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations. 2000, in paragraph

6. the following proviso shall be added, namely:—"Provided that a unit in the Special Economic Zone (SEZ)

may. without prior approval of the Reserve Bank, enter into a contract in a commodity exchange or market

outside India to hedge the price risk in the commodity on export/import, subject to the condition that such

contract is entered into on a "stand-alone" basis.

Explanation :—The term "stand-alone" means that the unit in the SEZ is completely isolated from financial

contacts with its parent or subsidiary in the mainland or within the SEZ(s) as far as its import/export transactions

are concerned."

[No. FEMA. 66/2002-RB]

K. J UDESHI, Executive Director

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