Foreign exchange regulation of overseas insurance policies requires RBI-made FEMA regulations to govern holdings by residents in India. The Reserve Bank of India, under section 47(2) of the Foreign Exchange Management Act, 1999, made the Foreign Exchange Management (Insurance) Regulations, 2000 by notification to regulate the holding by persons resident in India of life or general insurance policies issued by insurers outside India, and prescribed the short title and commencement of those regulations.
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Provisions expressly mentioned in the judgment/order text.
Foreign exchange regulation of overseas insurance policies requires RBI-made FEMA regulations to govern holdings by residents in India.
The Reserve Bank of India, under section 47(2) of the Foreign Exchange Management Act, 1999, made the Foreign Exchange Management (Insurance) Regulations, 2000 by notification to regulate the holding by persons resident in India of life or general insurance policies issued by insurers outside India, and prescribed the short title and commencement of those regulations.
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