CIR. NO. 38/2006-07-RB, DT. 05/04/2007
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
Foreign Exchange Management Act (FEMA), 1999 Current Account Transaction Rules-Amendment
Foreign Exchange Management Act (FEMA), 1999 Current Account Transaction Rules-Amendment
2. Government of India has made certain amendments to the Rules vide Notification G.S.R. 512(E) dated July 28, 2005, a copy of which is annexed.
3. AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
4. The directions contained in this Circular have been issued under Section 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-in-Charge
Annex
[A. P. (DIR Series) Circular No. dated April , 2007]EXTRAORDINARY
PART II -- Section 3 -- Sub-section (i)
PUBLISHED BY AUTHORITY
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NEW DELHI, THURSDAY, JULY 28, 2005
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MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 27th July 2005
G.S.R.512(E).-- In exercise of the powers conferred by Sub-section (1) and clause (a) of Sub-section (2) of Sub-Section (2) of Section 46 read with Section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government, hereby makes the following amendments in the Foreign Exchange Management (Current Account Transactions) Rules, 2000, namely :-
1. (1) These rules may be called the Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2005.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Foreign Exchange Management (Current Account Transactions) Rules, 2000,
(a) in Schedule I, brackets, words and figures '(see Rule 3)' the following words, brackets and figure shall be substituted, namely :-- 'Transactions which are Prohibited (see rule 3)',
(b) in Schedule II, for the brackets, words and figure '(see Rule 4)', the following words, brackets and figure shall be substituted, namely:-- 'Transactions which require prior approval of the Central Government (see Rule 4)'.
[No.F.1/2/FM/01]
( U.K. SIHNA )
Joint Secretary