Home Acts & Rules FEMA Regulation Foreign Exchange Management (Deposit) Regulations, 2000 This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Regulation 2 - Definitions - Foreign Exchange Management (Deposit) Regulations, 2000Extract 2. Definitions :- In these Regulations, unless the context otherwise requires, - (i) `Act' means the Foreign Exchange Management Act, 1999 (42 of 1999); (ii) 'authorised bank' means a bank including a co-operative bank (other than an authorised dealer) authorised by the Reserve Bank to maintain an account of a person resident outside India; 3 [Explanation. For the purposes of sub-paragraphs(2) and (3) above, in terms of the provisions of the Micro, Small and Medium Enterprises Development Act, (i) in the case of the enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951, a micro enterprise means where the investment in plant and machinery does not exceed twenty five lakh rupees; a small enterprise means where the investment in plant and machinery is more than twenty five lakh rupees but does not exceed five crore rupees; (ii) in the case of the enterprises engaged in providing or rendering services, a micro enterprise means where the investment in equipment does not exceed ten lakh rupees; a small enterprise means where the investment in equipment is more than ten lakh rupees but does not exceed two crore rupees.] (iii) 'authorised dealer' means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Act; (iv) 'Deposit' includes deposit of money with a bank, company, proprietory concern, partnership firm, corporate body, trust or any other person; (v) 'FCNR(B) account' means a Foreign Currency Non-Resident (Bank) account referred to in clause (ii) of sub-regulation (1) of Regulation 5; (vi) 'Non-Resident Indian (NRI)' means a person resident outside India who is a citizen of India or is a person of Indian origin; (vii) 'NRE account' means a Non-Resident External account referred to in clause (i) of sub-regulation (1) of Regulation 5; (viii) 'NRO account' means a Non-Resident Ordinary account referred to in clause (iii) of sub-regulation (1) of Regulation 5; (ix) 'NRNR account' means a Non-Resident Non-Repatriable account referred to in clause (iv) of sub-regulation (1) of Regulation 5; (x) 'NRSR account' means a Non-Resident (Special) Rupee account referred to in clause (v) of sub-regulation (1) of Regulation 5; (xi) `Overseas Corporate Body (OCB)' means a company, partnership firm, society and other corporate body owned directly or indirectly to the extent of at least sixty per cent by Non-Resident Indians and includes overseas trust in which not less than sixty percent beneficial interest is held by Non-resident Indians directly or indirectly but irrevocably; (xii) 'Person of Indian Origin' means a citizen of any country other than Bangladesh or Pakistan, if (a) he at any time held Indian passport; or (b) he or either of his parents or any of his grand- parents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or (c) the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b); 2 [(xiia) 'Qualified Foreign Investor (QFI)' means (a) during the period from 9th day of August, 2011 to 15th day of July, 2012, a person who satisfied the following criteria at the relevant time; (i) resident of a country, that is compliant with the Financial Action Task Force (FATF) standards and is a signatory to the IOSCO's Multilateral Memorandum of Understanding (MMoU); and (ii) satisfied the KYC requirements stipulated by SEBI. Provided that such a person is not registered with SEBI as a Foreign Institutional Investor (FII) or Foreign Venture Capital Investor (FVCI). (b) With effect from 16th day of July, 2012, a person who satisfies the following criteria at the relevant time: (i) Resident in a country that is a member of FATF or a member of a group which is a member of FATF; and (ii) Resident in a country that is a signatory to IOSCO's MMoU (and referred to as Appendix A Signatories therein) or a signatory of a bilateral MoU with SEBI Provided that the person is not resident in a country listed in the public statements issued by FATF from time to time on jurisdictions having strategic AML/CFT deficiencies to which counter measures apply or that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies; Provided that such person is not resident in India; Provided further that such person is not registered with SEBI as an FII or Sub-Account of an FII or FVCI. Explanation. For the purposes of this clause : 1. bilateral MoU with SEBI shall mean a bilateral MoU between SEBI and the overseas regulator that, inter alia, provides for information sharing arrangements. 2. Member of FATF shall not mean an associate member of FATF.] (xiii) 'Schedule' means schedule to these Regulations; (xiv) the words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act. ------------------ Notes:- 1. Inserted vide Notification No. FEMA 243/2012-RB, Dated 19-10-2012 2. Corected vide CORRIGENDUM G.S.R. 626(E) - DATED 10-9-2013 , before it was read as, 1 [ ( xii A ). 'Qualified Foreign Investor (QFI)' shall have the same meaning as assigned under the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 ; ] 3. Inserted vide CORRIGENDUM G.S.R. 626(E) - DATED 10-9-2013 ,
|