Foreign Exchange Management (Current Account Transactions) Rules, 2000 — THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999

Foreign Exchange Management (Current Account Transactions) Rules, 2000 Notification No. G.S.R.381(E) dated 3rd May 2000 (Updated by Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015 vide Notification G.S.R. 426(E) dated 26-05-2015.) Includes Amendments In exercise of the powers conferred by section 5 and subsection (1) and clause (a) of sub-section (2) of Section 46of the Foreign Exchange Management Act, 1999, and in consultation with the Reserve Bank, the Central Government having considered it necessary in the public interest, makes the following rules, namely : Short title and commencement Definitions Prohibition on drawal of Foreign Exchange Prior approval of Govt. of India Prior approval of Reserve Bank Use of International Credit Card while outside India Schedule I Schedule II Schedule III Foreign Exchange Management (Current Account Transactions) Rules, 2000 Short title and commencement - These rules may be called the Foreign Exchange Management (Current Account Transactions) Rules, 2000. They shall come into effect on the 1st day of June, 2000. Definitions -In these rules, unless the context otherwise requires - (a) "Act" means the Foreign Exchange Management Act, 1999 (42 of 1999); (b) "Drawal" means drawal of foreign exchange from an authorised person and includes opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM card or any other thing by whatever name called which has the effect of creating foreign exchange liability; (c) "Schedule' means a schedule appended to these rules; (d) The words and expressions not defined in these rules but defined in the Act shall have the same meanings respectively assigned to them in the Act. Prohibition on drawal of Foreign Exchange - Drawal of fore