Foreign Exchange Management (Current Account Transactions) Rules; 2000

rules · 1999 · State unknown

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Parent: THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999 (3757b2cf6e28b23db52995148c7e15b18aedf7eb)

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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 2 Definitions 3 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 4 5_ 7 Schedule 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. (2) They shall come into effect on the Ist 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 for

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18 · Substituted for "(see Rule 3)" by the Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2005 vide Notification No. G.SR.512(E) dated 27.07.2005_ 19. Substituted for "(see Rule 4)" by the Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2005, vide Notification No. G.S.R.512(E) dated 27.07.2005. 20_ The original item 16 omitted by the Foreign Exchange Management (Current Account Transaction) (Amendment) Rules, 2006, vide Notification No. GSR. 412 (E) dated 10.07.06_ Prior to its substitution, item 16 read as under: "16. Bd[Remittance for purchase of trademark or franchise in India]" 21_ Substituted by the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2009, vide Notification No. G.SR.349(E) dated 22.05.09, w.e.f. 20.12.06. Prior to their substitution; item 2 & 3 read as under "2_ Release of exchange exceeding %USS 10000] or its equivalent in one calendar year; for one or more private visits to any country (except Nepal and Bhutan). 513. Gift remittance exceeding USS 5,000 per remitter donor per annum:] 22_ Substituted by the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2009, vide Notification No. G.S.R.349(E) dated 22.05.09, w.e.f. 30.04.2007_ Prior to their substitution; item 4 read as under: "G[4_ Donation exceeding USS 5,000 per remitter donor per annum:] 23_ Substituted by the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2009, vide Notification No. G.SR.349(E) dated 22.05.09, we.f: 30.04.2007 . Prior to their substitution; item 15 read as under: "8[15. Remittance exceeding 14USS 1,000,000], per project; for any consultancy service procured from outside India-] 24_ Inserted by the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2009, vide Notification No G.S.R.349(E) dated 22.05.09, w.e.f. 30.04.2007. Prior to insertion clause read as: "9[17_ Remittance exceeding USS 100,000, by an entity in India by way of reimbursement of pre-incorporation expenses:]" 25_ Omitted by the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2010, vide Notification No_ G.S.R.382(E) dated 05-05-10, w.e.f. 16-12-2009_ Prior to its omission; item 8 read as under

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