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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New RBI Amendment Allows Remittance of FCNR(B) Maturity Proceeds Abroad with Account Holder's Authorization Under Schedule 2, Para 11.</h1> The Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2007, issued by the Reserve Bank of India, amends the Foreign Exchange Management (Deposit) Regulations, 2000. Effective from May 18, 2007, the amendment involves renumbering paragraph 11 in Schedule 2 as sub-paragraph (1) and adding a new sub-paragraph (2). This new provision allows authorized dealers to remit the maturity proceeds of FCNR (B) deposits to third parties outside India, provided the transaction is specifically authorized by the account holder and the dealer is satisfied with the transaction's legitimacy.
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