FEM (DEPOSIT) (SECOND AMENDMENT) REGULATIONS, 2013 - AMENDMENT IN REGULATION 5
NOTIFICATION [NO.FEMA 280/2013-RB]/GSR 531(E), DATED 10-7-2013
In exercise of the powers conferred by clause (f) of sub-section (3) of Section 6 and sub-section (2) Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Deposit) Regulations, 2000 (Notification
No. FEMA.5/2000-RB dated 3rd May, 2000), hereinafter called 'Principal Regulations' namely:—
Short Title & Commencement
1. (i) These Regulations may be called the Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2013.
(ii) They shall come into force from the date of their publication in the Official Gazette
Amendment of Regulation
2. In regulation 5 of the Principal Regulations, after sub-regulation (4), the following sub-regulation (5) shall be added:
"(5) A non-resident including a Non-Resident Indian (NRI) may open a single non-interest bearing Rupee Account with the Authorised Dealers in India without the prior approval of Reserve Bank of India, for the limited purpose of purchase of shares on the recognized stock exchanges in accordance with Regulation 10D of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (Notification No. FEMA.20/2000-RB dated 3rd May 2000)".
NOTIFICATION [NO.FEMA 280/2013-RB]/GSR 531(E), DATED 10-7-2013
In exercise of the powers conferred by clause (f) of sub-section (3) of Section 6 and sub-section (2) Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Deposit) Regulations, 2000 (Notification
No. FEMA.5/2000-RB dated 3rd May, 2000), hereinafter called 'Principal Regulations' namely:—
Short Title & Commencement
1. (i) These Regulations may be called the Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2013.
(ii) They shall come into force from the date of their publication in the Official Gazette
Amendment of Regulation
2. In regulation 5 of the Principal Regulations, after sub-regulation (4), the following sub-regulation (5) shall be added:
"(5) A non-resident including a Non-Resident Indian (NRI) may open a single non-interest bearing Rupee Account with the Authorised Dealers in India without the prior approval of Reserve Bank of India, for the limited purpose of purchase of shares on the recognized stock exchanges in accordance with Regulation 10D of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (Notification No. FEMA.20/2000-RB dated 3rd May 2000)".
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