Home Acts & Rules FEMA Old_Provisions FOREIGN EXCHANGE MANAGEMENT (INVESTMENT IN FIRM OR PROPRIETARY CONCERN IN INDIA) REGULATIONS, 2000 This
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Regulation 2 - Definitions - FOREIGN EXCHANGE MANAGEMENT (INVESTMENT IN FIRM OR PROPRIETARY CONCERN IN INDIA) REGULATIONS, 2000Extract These rules have been superseded vide New Regulations New Regulations of 2017 2. Definitions In these regulations, unless the context requires otherwise,- (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; (iii) 'authorised dealer' means a person authorised as an authorised dealer under subsection (1) of section 10 of the Act; (iv) 'Non-Resident Indian (NRI)' means a person resident outside India who is a citizen of India or is a person of Indian origin; (v) 'NRSR account' shall have the same meaning as assigned to it in the Foreign Exchange Management (Deposit) Regulations, 2000. (vi) 'Person of Indian Origin' means a citizen of any country other than Bangladesh or Pakistan or Sri Lanka, 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 subclause (a) or (b); (vii) the words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act.
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