CIR. NO. 08/2003-04-RB, DT. 16/08/2003
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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