Foreign Exchange Management (Current Account Transactions) Rules, 2000

a6bb18de7603a561239e012a48116ea4cfd8a83b · 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 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

Rule TOC

3 · [6. (1) Nothing contained in rule 4 or rule 5 shall apply to drawal made out of funds held in Exchange Earners' Foreign Currency (EEFC) account of the remitter.

10 · [7. Use of International Credit Card while outside India - Nothing contained in rule 5 shall apply to the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India.]

18 · [Transactions which are Prohibited (See Rule 3)]

11 · [6. Payment of commission on exports under Rupee State Credit Route, except commission up to 10% of invoice value of exports of tea and tobacco.]

19 · [Transactions which require prior approval of the Central Government (See Rule 4)]

27 · Schedule -III

3 · Procedure

1 · Substituted by the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2000, vide Notification No. GSR 663(E) dated 09.08.2000. Prior to substitution, the entries under serial no. 2 read as under :

8a · Omitted by the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2004, vide Notification No. G.S.R.608(E) dated 13-09-04. Prior to its omission, item 1 read as under:

8b · Substituted by the Foreign Exchange Management (Current Account Transaction) (Second Amendment) Rules, 2004, vide Notification No. G.S.R.608(E) dated 13-09-04. Prior to its substitution, item 11 read as under:

8c · Omitted by the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2004, vide Notification No. G.S.R.608(E) dated 13-09-04. Prior to its omission, item 12, 13 and 14 read as under:

8d · Substituted by the Foreign Exchange Management (Current Account Transaction) (Second Amendment) Rules, 2004, vide Notification No. G.S.R.608(E) dated 13-09-04. Prior to its substitution, item 16 read as under:

8e · Omitted by the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2004, vide Notification No. G.S.R.608(E) dated 13-09-04.

14 · a Substituted for "US $ 30,000" by the Foreign Exchange Management (Current Account Transactions) (Third Amendment) Rules 2003, vide Notification No. G.S.R.731(E) dated 05.09.2003.

18 · Substituted for "(see Rule 3)" by the Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2005, vide Notification No. G.S.R.512(E) dated 27.07.2005.

5 · [3. Gift remittance exceeding US$ 5,000 per remitter / donor per annum.]

26 · Substituted by the Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015 w.e.f. 26-05-2015. Prior to its substitution, rule 5 read as follows :

27 · Substituted by the Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015 w.e.f. 26-05-2015. Prior to its substitution,Schedule III read as follows :

21 · [2. Release of exchange exceeding US$ 10,000 or its equivalent in one financial year for one or more private visits to any country (except Nepal and Bhutan).

22 · [4. (i) Donation exceeding US$ 5,000 per financial year per remitter or donor other than resident individual;

7 · [7. Remittance for maintenance of close relatives abroad,

12 · [(i) exceeding net salary (after deduction of taxes, contribution to provident fund and other deductions) of a person who is resident but not permanently resident in India and -

8b · [11. Commission, per transaction, to agents abroad for sale of residential flats or commercial plots in India exceeding USD 25,000 or 5% of the inward remittance whichever is more.]

8c · [***]

23 · [15. Remittances exceeding US$ 10,000,000 per project, for any consultancy services in respect of infrastructure projects and US$ 1,000,000 per project for other consultancy services procured from outside India.

24 · [17. Remittances exceeding five per cent of the investment brought into India or US$ 1,00,000 whichever is higher, by an entity in