Executive Summary:
This notification from the Reserve Bank of India announces amendments to the Foreign Exchange Management Deposit Regulations of 2000. These amendments, titled the Foreign Exchange Management Deposit Amendment Regulations, 2014, concern deposits held by multilateral organizations, their affiliates, and officials in India who are part of member nations. The regulations take effect from the date of their publication in the Official Gazette.
Key Points / Main Content:
* **General Information:**
* The notification is titled "Foreign Exchange Management Deposit Amendment Regulations, 2014."
* It is issued by the Reserve Bank of India (RBI).
* It is Notification No. FEMA. 327/2014-RB.
* It was issued on November 24, 2014.
* **Effective Date:**
* The regulations come into force from the date of their publication in the Official Gazette.
* **Amendment:**
* Regulation 4 of the Foreign Exchange Management Deposits Regulations, 2000, is amended.
* Subregulation 5 of Regulation 4 is substituted with a new provision.
* **New Provision of Subregulation 5:**
* The new provision pertains to deposits held in accounts maintained with an authorized dealer.
* This applies to multilateral organizations, their subsidiary/affiliate bodies.
* It also applies to officials in India of such multilateral organizations.
* A key condition is that India must be a member nation of these multilateral organizations.
Impact Analysis:
* **Authorized Dealers:**
* *Impact:* Must ensure compliance with the amended regulations regarding accounts held by multilateral organizations, their affiliates, and officials.
* *Action Required:* Update internal procedures and systems to reflect the changes in Regulation 4, subregulation 5.
* **Multilateral Organizations, Their Subsidiary/Affiliate Bodies, and Officials in India (of which India is a member nation):**
* *Impact:* The regulations clarify the conditions under which their deposits held with authorized dealers in India are governed by the Foreign Exchange Management Act.
* *Action Required:* Review existing deposit arrangements to ensure they align with the new provisions of Regulation 4, subregulation 5.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for regulating the banking system and managing the country's currency.
Foreign Exchange Management Act, 1999: An act of the Parliament of India to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
Foreign Exchange Management Deposit Regulations, 2000: Regulations pertaining to the management of foreign exchange deposits, as per the notification FEMA.5/2000-RB.
Foreign Exchange Management Deposit Amendment Regulations, 2014: Amendments to the Foreign Exchange Management Deposit Regulations, 2000.
Mumbai, Maharashtra: The city in Maharashtra where the notification was issued by the Reserve Bank of India.
Official Gazette: The official government publication in which the regulations are published.
C. D. SRINIVASAN: Chief General Manager of Reserve Bank of India who is issuing the notification.
New Delhi: The city in India, where the Gazette of India is published.
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RESERVE BANK OF INDIA
(FOREIGN EXCHANGE DEPARTMENT)
Central Office
NOTIFICATION
Mumbai, the 24th November, 2014
Foreign Exchange Management (Deposit) (Amendment)
Regulations, 2014
G.S.R. 879(E).— 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 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:-
1. Short Title & Commencement
(i) These Regulations may be called the Foreign Exchange Management (Deposit) (Amendment)
Regulations, 2014.
(ii) They shall come into force from the date of their publication in the Official Gazette.
2. Amendment of Regulation
In the Foreign Exchange Management (Deposits) Regulations, 2000 (Notification No. FEMA
5/2000-RB, dated May 3, 2000),
In Regulation 4, sub-regulation 5 shall be substituted by the following namely:
“(5) Deposits held in accounts maintained with an authorised dealer by any multilateral organization
and its subsidiary/affiliate bodies and officials in India of such multilateral organisations, of which
India is a member nation.”
[No. FEMA. 327/ 2014-RB]
C. D. SRINIVASAN, Chief General Manager¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
Foot Note: The Principal Regulations were published in the Official Gazette of GOI vide G.S.R. No.
388(E), dated May 5, 2000 – in Part II, Section 3, Sub-section (i) and subsequently amended vide:-
G.S.R. No. 262 (E) dated April 9, 2002, G.S.R. No. 495 (E) dated July 23, 2007
G.S.R. No. 577 (E) dated August 19, 2002, G.S.R. No. 664 (E) dated October 16, 2007
G.S.R. No. 855 (E) dated December 31, 2002 G.S.R. No. 91 (E) dated February 15, 2008,
G.S.R. No. 494 (E) dated August 4, 2004 G.S.R. No. 714(E) dated November 14, 2007
G.S.R. No. 221 (E) dated April 7, 2005 G.S.R. No. 442(E) dated June 23, 2009,
G.S.R. No. 663(E) dated November 14, 2005 G.S.R. No. 822(E) dated November 10, 2012
G.S.R. No. 28 (E) dated January 19, 2006 G.S.R. No. 893(E) dated December 17, 2012
G.S.R. No. 798(E) dated October 30, 2012 G.S.R. No. 531(E) dated August 5, 2013
G.S.R. No. 26(E) dated January 17, 2013
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and Published by the Controller of Publications, Delhi-110054.