Reserve Bank of India

Reserve Bank of India Exchange Control Department Central Office Mumbai-400 001 Notification N_ FEMA 101 12003-RB Dated October_3rd 2003 Foreign Exchange Management [Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)] Regulations, 2003 In exercise of the powers conferred by clauses (b), (d), (e) and (f) of sub-section (3) of Section 6 read with Section 47 of the FEMA, 1999 (42 of 1999) and all other powers available to it in this behalf; the Reserve Bank of India makes the following Regulations: Short title and commencement 1. (1) These Regulations may be called Foreign Exchange Management (Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)) Regulations, 2003. (2) They shall come into force from the date of their publication in the Official Gazette: 2_ For the purpose of these Regulations "Act" means the Foreign Exchange Management Act 1999; "Account' means Savings, Current, Recurring; Fixed Deposit opened and maintained under Non-Resident (External) Account Scheme (NRE Account) , Foreign Currency (Non-Resident) Account Banks Scheme (FCNR-B Account) or Non-Resident (Ordinary) Account Scheme (NRO Account); (iii) "Deposit" includes deposit of money with a bank; company, proprietary concern, partnership firm; corporate body, trust or any other person; (iv) "Existing account" means an account maintained on the date of commencement of these Regulations; "Existing investment" means an investment made pursuant to the general permission granted under the Foreign Exchange Management (Transfer and Issue of Security by a Person Resident outside India) Regulations, 2000 provided that a) in case of Portfolio Investment Scheme, the investment was held as on November 29, 2001 and b) in other cases; held on the date of commencement of these Regulatio

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