CIR. NO. 57/2006-07-RB, DT. 18/05/2007
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
FEM (Deposit) Regulations, 2000-Repatriation of maturity proceeds of FCNR(B) deposits
FEM (Deposit) Regulations, 2000-Repatriation of maturity proceeds of FCNR(B) deposits
2. As announced in the Annual Policy Statement for the year 2007-08 [para 146 (ii) (iii)], it has been decided to allow AD Category-I banks and authorised banks to permit remittance of the maturity proceeds of FCNR (B) deposits to third parties outside India, provided the transaction is specifically authorised by the account holder and the authorised dealer is satisfied about the bonafides of the transaction.
3. Necessary amendments to Notification No. FEMA 5/2000-RB dated May 3, 2000, [Foreign Exchange Management (Deposit) Regulations, 2000] are being notified separately.
4. AD Category - I banks and authorised banks may bring the contents of the circular to the notice of their constituents and 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) and is without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(Salim Gangadharan)
Chief General Manager