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[A.P.(DIR
Series) Circular No.97
dated June 21, 2004]
RESERVE
BANK OF INDIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI-400 001 Notification
No.FEMA.98/2003-RB dated August 27, 2003 Foreign
Exchange Management (Manner of Receipt & Payments) (Amendment)
Regulations, 2003 In exercise
of the powers conferred by Section 47 of the Foreign Exchange Management Act,
1999 (Act 42 of 1999) and in partial modification of Notification No.FEMA.14/2000-RB
dated May 3, 2000, the Reserve Bank makes the following amendment in the Foreign
Exchange Management (Manner of Receipt and Payment) Regulations, 2000, as amended
from time to time, namely : 1. Short
title and commencement (i) These
Regulations may be called the Foreign Exchange Management (Manner of Receipt and
Payment) (Amendment) Regulations, 2003. (ii) They
shall come into force from the date of their publication in the Official Gazette. 2. Amendment
to the Regulations In the Foreign
Exchange Management (Manner of Receipt and Payment) Regulations, 2000, in Regulation
4, after sub-regulation (v), the following sub-regulation shall be added, namely
: '(vi) in the form of precious
metals i.e. gold / silver / platinum equivalent to value of jewellery exported
by Gem & Jewellery units in Special Economic Zones and Export Oriented Units
on the condition that the sale contract provides for the same and the value is
declared in the relevant GR / SDF/ PP forms.' ( Usha Thorat
)
Executive Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 29.09.2003 - G.S.R.No.772(E)
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