Cir. No.02/2001-RB, dt. 27/07/2001
- Document type
- Circular
- Reference no.
- B
- Dated
- Category
- A.P. (DIR Series) Circulars
Remittance for participation in lottery etc. schemes
Remittance for participation in lottery etc. schemes
It has come to the notice of the Reserve Bank that certain overseas organisations have been advising individuals in India that they have won prizes in lotteries etc. and that they should arrange to remit some amount in US Dollars, as fees.
- 2. Attention of the authorised dealers is drawn to Item 3 of Schedule I to the Government of India Notification G.S.R. 381(E) dated May 3, 2000, which prohibits, inter alia, remittances for the purchase of lottery tickets. Authorised dealers are, therefore, advised to suitably inform the members of public that remittance in any form towards participation in lottery schemes are prohibited under Foreign Exchange Management Act, 1999. Further, these restrictions are also applicable to remittances for participation in lottery like schemes functioning under different names like money circulation scheme, or remittances for the purpose of securing prize money/awards etc.
- 3. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any contravention or non-observance of these directions is subject to the penalties prescribed under the Act.
Sd/-
K.J. UDESHI
Chief General Manager