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Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2019 - FEMA 5 (R)/ (3)/2019-RB - Foreign Exchange Management

Extract

..... ns, 2016 (Notification No. FEMA 5 (R) /2016-RB dated April 01, 2016) (hereinafter referred to as 'the Principal Regulations'), namely:- 1. Short title and commencement. (i) These regulations shall be called the Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2019. (ii) They shall come into force with effect from the date of their publication in the Official Gazette. 2. In the Principal Regulation, in SCHEDULE 4, (a) for paragraph 1, the following shall be substituted .....

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Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2019 - FEMA 5 (R)/ (3)/2019-RB - Foreign Exchange Management

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..... rrent Account Transaction) Rules, 2000, as amended from time to time; iii. Export of goods and services in accordance with Section 7 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. G.S.R. 381(E) dated May 3, 2000, viz., Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time, and further read with FEMA Notification No.23(R)/2015-RB dated January 12, 2016, as amended from time to time; iv. Trade credit transactions .....

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Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2019 - FEMA 5 (R)/ (3)/2019-RB - Foreign Exchange Management

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..... ord ‘should’, the word ‘shall’ shall be substituted. (d) for in paragraph 8, the following shall be substituted, namely, :- “8. The tenure of the SNRR account shall be concurrent to the tenure of the contract / period of operation / the business of the account holder and in no case shall exceed seven years. Approval of the Reserve Bank shall be obtained in cases requiring renewal: Provided the restriction of seven years shall not be applicable to SNRR accounts opene .....

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Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2019 - FEMA 5 (R)/ (3)/2019-RB - Foreign Exchange Management

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