Notifications

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Foreign Exchange Management Act, 1999
A.P. (DIR Series) Circular No.8 (Aug 16, 2003)

Reserve Bank of India
Exchange Control Department
Central Office
Mumbai - 400 001

A.P. (DIR Series) Circular No.8

August 16, 2003

To

All Authorised Dealers in Foreign Exchange

Madam/Sirs,

Foreign Exchange Management Act, 1999

Attention of authorised dealers is invited to A.P.(DIR Series) circulars indicated in the Annexure. It was mentioned therein that necessary amendments to the Foreign Exchange Management Regulations, 2000 were being issued separately. The relevant amendments issued by Reserve Bank and notified by the Government, in the Official Gazette, are indicated in the Annexure.

2. A copy each of these Notifications mentioned in the Annexure is enclosed to enable authorised dealers to carry out the amendments in the relevant notifications.

3. Authorised dealers may bring the contents of this circular to the notice of their constituents concerned.

4. 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).

Yours faithfully,

Grace Koshie
Chief General Manager

 

Annexure

[A.P.(DIR Series) Circular No.8
dated August 16, 2003]

I. Reserve Bank Notifications – Amendment to Foreign Exchange Management
Regulations, 2000 issued under the Foreign Exchange Management Act, 1999

Sr. No.

A.P. DIR (Series) Circular

FEMA Notification

No. and date

Subject

No./date/subject

G.S.R. No.

1.

2.

3.

4.

5.

1.

34/1.4.2002

Facility to Status Holder Exporters – Credit to the EEFC account

FEMA.No.58/RB-2002/ 1.4.2002 / Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2002

474 (E)

2.

35/1.4.2002

Export of Goods and Services – Facilities to Status Holder Exporters

FEMA.No.57/ RB-2002 /1.4.2002 / Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2002

473(E)

3.

40/29.4.2002

Investment in and Borrowing from Overseas Markets

FEMA.No.60/ RB-2002 / 29.4.2002 / Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2002

476(E)

4.

58/2.12.2002

Indian Direct Investment in SAARC countries and Myanmar

FEMA.No.79/ RB-2003 / 15.1.2003 / Foreign Exchange Management (Transfer or issue of any Foreign Security) (Amendment) Regulations, 2003

34 (E)

5.

62/17.12.2002

Exchange Earners’ Foreign Currency (EEFC) Account Scheme

FEMA.No.77/ RB-2002 / 25.11.2002 / Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2002

224(E)

6.

64/24.12.2002

Resident Foreign Currency (Domestic) Account – Facility for Resident Individuals

FEMA.No.90/ RB-2003 / 23.5.2003 / Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Third Amendment) Regulations, 2003

453(E)

7.

66/13.1.2003

Overseas Investments

FEMA.No.88/ RB-2003 / 1.4.2003 / Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Second Amendment) Regulations, 2003

399(E)

8.

75/3.2.2003

Sponsored ADRs/GDRs – Receipt of Disinvestment Proceeds

FEMA.No.90/ RB-2003 / 23.5.2003 / Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Third Amendment) Regulations, 2003

453(E)

II. Government Notification – amendments to Foreign Exchange
Management (Current Account Transactions) Rules, 2000

Sr. No.

No. and date of A.P. (DIR Series) Circular

Subject

Subject/No/ date of Notification in the Gazette of India

1.

2.

3.

4.

1.

51/18.11.2002

Increase in release of foreign exchange for private visits abroad

G.S.R.No.831 (E) dated 17.12.2002 Foreign Exchange Management (Current Account Transactions) Rules, 2002.


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