CIR. NO. 06/2004-05-RB, DT. 20/07/2004
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (First Amendment) Regulations, 2004
Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (First Amendment) Regulations, 2004
2. On a review, it has been decided that the foreign exchange received by a resident individual by way of the proceeds of life insurance policy claims/maturity/surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority may be credited to RFC Account or RFC (Domestic) Account of the beneficiary as the case may be.
3. The requisite amendments to the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 have been issued by Reserve Bank vide Notification No.FEMA.109/2004-RB dated January 1, 2004, a copy of which is enclosed.
4. Authorised Dealers may bring the contents of this circular to the notice of their constituents/customers concerned.
5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
Yours faithfully,
F.R.Joseph
Chief General Manager
Notification No.FEMA.109/2004-RB Dated: January 1, 2004
Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (First Amendment) Regulations, 2004