RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI
RBI/2004/ 66
A.P. (DIR Series) Circular No.73
February 20, 2004
To
All Authorised Dealers in Foreign Exchange
Madam/Sirs,
Export of Goods by way of Gifts - Liberalisation
Attention of Authorised Dealers is invited
to A. D. (M.A. Series) Circular No.11 dated May 16, 2000. In terms of Clause
(e) of Regulation 4 of Foreign Exchange Management (Export of Goods and Services)
Regulations, 2000 vide Notification
No. FEMA 23/2000-RB dated May 3, 2000 contained thereat, export
of goods by way of gift is permissible subject to declaration by the exporter
that goods are not more than one lakh rupees in value.
2. With a view to further liberalising
the procedure it has been decided to raise the above limit to five lakh rupees
per annum with immediate effect.
3. Necessary amendments to the Foreign Exchange
Management (Export of Goods and Services) Regulations, 2000, vide Notification
No. FEMA 23/2000-RB dated May 3, 2000, are being notified separately.
4. Authorised Dealers may bring the
contents of this circular to the notice of their constituents concerned.
5. The directions contained in this
circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange
Management Act, 1999 (42 of 1999).
Yours faithfully,
Grace Koshie
Chief General
Manager