AMENDMENTS TO FOREIGN EXCHANGE MANAGEMENT REGULATIONS

 

A.P. (DIR Series) (2003-04) Circular No. 65, dated 5-2-2004

 

Amendments to Foreign Exchange Management Regulations

Attention of authorised dealers is invited to A.P. (DIR Series) circulars relating to :

(i)         Risk Management and Indian Bank Dealings

(ii)        Forward cover for Foreign Institutional Investors

(iii)       Foreign Currency Loan in India to holders of FCNR (B) Deposits

(iv)       Overseas Direct Investment - Liberalisation of Automatic Route

(v)        Acquisition of immovable property outside India - Branches/Trading Offices overseas

(vi)       Forward Contracts - Enlargement of scope of transactions

The relevant amendments to the Foreign Exchange Management Regulations, 2000 issued by Reserve Bank have been notified by the Government, in the Official Gazette, as indicated in the Annexure.

2.         Authorised dealers may bring the contents of this circular to the notice of their constituents concerned.

3.         The directions contained in this circular have been issued under section 10(4) and section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).

 

Annexure

Reserve Bank Notifications - Amendment to Foreign
Exchange Management Regulations, 2000 issued under the Foreign Exchange Management Act, 1999

 

Sr. No.

A.P. DIR (Series) Circular

FEMA Notification

 

No. and date

  Subject

No./date/subject

G.S.R. No.

1

2

3

4

5

1.

63/21-12-2002

Risk Management and Inter-Bank Dealings

Notification No. FEMA 70/2003-RB dated 26-8-2002 - Foreign Exchange Management (Foreign Exchange Derivative Contract) (Third Amendment) Regulations, 2002.

222(E), dated 26-8-2002

2.

50/16-11-2002

Forward cover for Foreign Institutional Investors

Notification No. FEMA 81/ 2003-RB dated 8-1-2003 – Foreign Exchange Management (Foreign Exchange Derivative Contract) (Amendment) Regulations, 2003.

532(E), Dated 8-1-2003

3.

24/25-9-2002

Foreign Currency Loan in India to holders of FCNR (B) Deposits

Notification No. FEMA 82/ 2003-RB dated 10-1-2003 - Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Second Amendment) Regulations, 2003.

533(E), dated 10-1-2003

4.

83/1-3-2003

Overseas Direct Investment – Liberalisation of Automatic Route  

Notification No. FEMA 86/2003-RB dated 1-3-2003 - Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2003.

629(E), Dated 1-3-2003

5.

71/13-1-2003 104/31-5-2003

Acquisition of immovable property outside India - Branches/Trading Offices overseas

Notification No. FEMA 103/2003 -RB dated 13-10-2003 – Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) (Amendment) Regulations, 2003.

848(E), dated 13-10-2003

6.

98/29-4-2003

Booking Forward Contracts

Notification No. FEMA 104/2003-RB dated 21-10-2003 – Foreign Exchange Management (Foreign Exchange Derivative Contract) (Third Amendment) Regulations, 2003.

880(E), dated 21-10-2003