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June 2008

Notification No. FEMA. 171/2007-RB, dated 10-12- 2007 — Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) (Second Amendment) Regulations, 2007.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
Reading Time 1 mins
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Part C : RBI/FEMA


Given below are the highlights of RBI Circulars and
Notifications.



12 Notification No. FEMA. 171/2007-RB, dated
10-12- 2007 — Foreign Exchange Management (Foreign Currency Account by a Person
Resident in India) (Second Amendment) Regulations, 2007.

This notification amends the proviso to Regulation 9(1) of
the Foreign Exchange Management (Foreign Currency Account by a Person Resident
in India) Regulations, 2000 with effect from April 30, 2007 as under :

“The EEFC account referred to in Regulation 4, shall be
opened, held or maintained in the form of an account in terms of such
directions as may be issued by the RBI from time to time”.


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