Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2012 - Amendment in Schedule-1 and Schedule-3

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....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:- Short title and commencement 1. (i)....

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.... origin. Opening of these accounts by a non-resident jointly with a resident is also permissible. Opening of these accounts by non-resident may be permitted jointly with the resident close relative(s) on 'former or survivor' basis. However, the said resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with the extant instructions during the l....

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..... (iv) Amount in rupees received subject to compliance with the Regulation 8B of the Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000 (Notification No. FEMA 4/2000-RB dated 3rd May, 2000), as amended from time to time" [No. 235/2012-RB] RUDRA NARAYAN KAR, Chief General Manager      ____________ Notes;- 1. It is clarified tha....