Amendments in the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000

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....TMENT CENTRAL OFFICE MUMBAI-400 001 Notification No.FEMA 47/2001-RB Dated December 5, 2001 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 02.01.2002 - G.S.R. No. 5(E) In exercise of the powers conferred by clause (b) of Section 9 and clause (e) of sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42....

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....inafter referred to as 'the Indian entity') may open, hold and maintain in the name of its office (trading or non-trading) or its branch set up outside India or its representative posted outside India, a foreign currency account with a bank outside India by making remittances from India for the purpose of normal business operations of the office/branch or representative; Provided that - a. the o....

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....lations made thereunder; d. the account so opened, held or maintained shall be closed, a. if the overseas branch./office is not set up within six months of opening the account, or b. within one month of closure of the overseas branch/office, or c. where no representative is posted for six months. and the balance held in the account shall be repatriated to India; Provided further that the....