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TMI BlogForeign Exchange Management (Deposit) (Third Amendment) Regulations, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... FEMA 5 (R)/ (3)/2019-RB.- In exercise of the powers conferred by clause (f) of sub-section (3) of section 6, sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendment in the Foreign Exchange Management (Deposit) Regulations, 2016 (Notification No. FEMA 5 (R) /2016-RB dated April 01, 2016) (hereinafter referred t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness interest, shall include the following INR transactions, namely, :- i. Investments made in India in accordance with Foreign Exchange Management (Non-debt Instruments) Rules, 2019 dated October 17, 2019 and Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified vide notification no. FEMA 396/2019-RB dated October 17, 2019, as applicable, as amended from time to time; i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, as amended from time to time; and v. Business related transactions outside International Financial Service Centre (IFSC) by IFSC units at GIFT city like administrative expenses in INR outside IFSC, INR amount from sale of scrap, government incentives in INR, etc. The account will be maintained with bank in India (outside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll 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 opened for the purposes stated at sub. paragraphs i to v of paragraph 1 of this Schedule." (e) for paragraph 13, the following shall be substituted, namely, :- "13. The amount due/ payable to non-resident nominee fr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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