[A.P.(DIR
Series) Circular No.97
dated June 21, 2004]
RESERVE
BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI 400 001
Notification No. FEMA. 110/2004-RB
dated February 5,2004
Foreign
Exchange Management (Permissible Capital Account Transactions) ( Amendment ) Regulations,
2004
In exercise of the powers conferred by sub-section (2)
of Section 6, Sub-Section (2) of Section 47 of the Foreign Exchange Management
Act, 1999 (42 of 1999) and in partial modification of its Notification
No.FEMA.1/2000-RB dated May 3, 2000, the Reserve Bank of India makes, in
consultation with Central Government, the following Regulations to amend the
Foreign Exchange Management (Permissible Capital Account Transactions) Regulations,
2000, namely :
1. Short title
and commencement :-
(i) These
Regulations may be called the Foreign Exchange Management (Permissible Capital
Account Transactions) ( Amendment ) Regulations, 2004.
- 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 (Permissible Capital Account Transactions) Regulations, 2000 (hereinafter
referred to as 'the said Regulations') after Regulation 4 (a), the following
proviso shall be inserted ; namely :-
'Provided
that –
(a) subject to the provisions
of the Act or the rules or regulations or directions or orders made or issued
thereunder, a resident individual may draw from an authorized person foreign exchange
not exceeding USD 25000 per calendar year for a capital account transaction specified
in Schedule I ;
(b)
where the drawal of foreign exchange by a resident individual for any capital
account transaction specified in Schedule I exceeds USD 25,000 per calendar year,
the limit specified in the regulations relevant to the transaction shall apply
with respect to the drawal.
Provided
further that no part of the foreign exchange of USD 25,000 drawn under clause
(a) of the first proviso shall be used for remittance directly or indirectly to
countries notified as non-co-operative countries and territories by Financial
Action Task Force (FATF) from time to time and communicated by the Reserve Bank
of India to all concerned.'
(Shyamala
Gopinath)
Executive Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 23.03.2004 - G.S.R.No.207(E)
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