Foreign Exchange Management (Deposit) (Amendment) Regulations, 2009 - Amendment in regulation 4

Notification No. G.S.R. 442(E) [NO. FEMA 193/2009-RB]

Dated 2-6-2009

In exercise of the powers conferred by clause (f) of sub-section (3) of section 6 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Deposit) Regulations, 2000, (Notification No. FEMA 5/2000-RB dated May 3, 2000), namely :—

1. Short title and commencement.—(i) These Regulations may be called the Foreign Exchange Management (Deposit) (Amendment) Regulations, 2009.

(ii) They shall come into force from the date of their publication in the Official Gazette.

2. Amendment of Regulations.—In the Foreign Exchange Management (Deposit) Regulations, 2000, (Notification No. FEMA 5/2000-RB dated May 3, 2000), in Regulation 4, in sub-regulation (3), for clause (a), the following shall be substituted, namely :—

"(a) credits to the account shall be only by way of:—

(i) proceeds of inward remittances received from outside India through normal banking channels; and

(ii) transfer of funds, from the rupee account of the diplomatic mission in India, which are collected in India as visa fees and credited to such account."

[F. No. 1/23/EM/2000-Vol. IV]