Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2007 - Amendment in regulation 9 - 171/2007 - Foreign Exchange Management

Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India ) (Second Amendment) Regulations, 2007 - Amendment in regulation 9 Notification No. G.S.R. 778(E) [NO FEMA 171/2007-RB] DATED 10-12-2007 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) Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 (Notification No. FEMA 10/2000-RB dated 3rd May, 2000), as amended from time to time, namely:— 1. Short Title and Commencement. —( i ) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2007. ( ii ) This shall be deemed to have come into force with effect from the 6th day of October, 2007. 2. Amendment of the Regulations. —In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 in Regulation 9, clause ( 1 ) for the proviso, the following new 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 an account in terms of such directions as may be issued by the Reserve Bank from time to time." [F. No. 1/23/EM/2000-Vol.-IV]