RBI/2004-05/ 222
A.P.(DIR Series) Circular No.18
October 16, 2004
To
All Authorised Dealers in Foreign Exchange
Madam / Sirs,
Foreign Exchange Management Act, 1999 - Amendments
We advise that the nomenclature of the Exchange Control Department of the Reserve
Bank of India was changed from ‘Exchange Control Department’ to ‘Foreign Exchange
Department’ with effect from January 31, 2004. The Government of India has since
published the Notification No.FEMA.123/2004-RB dated September 9, 2004, vide
G.S.R.626(E) in the Official Gazette dated September 21, 2004 (copy enclosed),
to notify the above change.
2.. Attention of Authorised Dealers is also invited to the
A.P.(DIR
Series) circular No.76 dated February 24, 2004, wherein it was mentioned
that necessary amendment/s to the Foreign Exchange Management (Current Account
Transactions) Rules, 2000 were being issued separately. The relevant amendments
have since been issued by Reserve Bank and notified by the Government, in the
Official Gazette, vide G.S.R.No.608(E) dated September 13, 2004 (copy enclosed).
3. Authorised Dealers may bring the contents of this circular
to the notice of their constituents and customers concerned.
4. The direction contained in this circular has been issued
under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999
(42 of 1999) and is without prejudice to permissions / approvals, if any, required
under any other law.
Yours faithfully,
Grace Koshie
Chief General Manager
The Gazette of India
EXTRAORDINARY
PART II - Section 3 - Sub-section (i)
PUBLISHED BY AUTHORITY
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No.399 NEW
DELHI, MONDAY, SEPTEMBER 13, 2004
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MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 13th September 2004
G.S.R.608(E).-- In exercise of the powers conferred by
sub-section (1) and clause (a) of sub-section (2) of section 46 read with proviso
to section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in
consultation with the Reserve Bank, the Central Government, having considered
it necessary in the public interest, hereby makes the following amendments in
the Foreign Exchange Management (Current Account Transactions) Rules, 2000,
namely :-
1. (1) These rules may be called the Foreign
Exchange Management (Current Account Transactions) (Amendment) Rules, 2004.
(2) They shall come
into force from the date of their publication in the Official Gazette.
2. In the Foreign Exchange Management (Current Account Transactions)
Rules, 2000,
(a) in Schedule II,
(i) after item number 5 and the entries relating
thereto, the following item number and the entries shall be inserted, namely
: -
'6. Remittance of hiring charges of transponders
by
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(a) TV Channels
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Ministry of Information and Broadcasting
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| (b) Internet service providers |
Ministry of Communication and Information
Technology'
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(ii) Item number 10 and the entries relating
thereto shall be omitted;
(b) in Schedule III,
(i) item number 1 and the entries relating
thereto shall be omitted;
(ii) for item number 11 and the entries relating
thereto, the following item number and the entries shall be substituted,
namely :-
'11. Commission, per transaction, to agents abroad
for sale of residential flats or commercial plots in India exceeding USD
25,000 or 5% of the inward remittance whichever is more.';
(iii) Item numbers 12, 13 and 14 and the entries
relating to each of items numbers shall be omitted;
(iv) for item number 16 and the entries relating
thereto, the following item numbers and the entries shall be substituted,
namely:-
'16. Remittance for purchase of trademark or
franchise in India';
(v) item number 18 and the entries relating
thereto shall be omitted.
[No.F.1/2/EM/2004]
U.K. SINHA, Jt.Secy.
Note :- The principal rules were published in the
Gazette of India, Extraordinary Part II, section 3(i) vide number G.S.R.381(E),
dated the 3rd May 2000 and subsequently amended last vide G.S.R.731(E)
dated the 5th September 2003.
The Gazette of India
EXTRAORDINARY
PART II - Section 3 - Sub-section (i)
PUBLISHED BY AUTHORITY
================================================================
No.412 NEW DELHI, TUESDAY,
SEPTEMBER 21, 2004
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MINISTRY OF FINANCE
(Department of Economic Affairs)
(RESERVE BANK OF INDIA)
(Foreign Exchange Department)
(Central Office)
NOTIFICATION
Mumbai, the 9th September 2004
No.FEMA.123/2004-RB
G.S.R.626(E).-- In exercise of the powers conferred by
clause (h) of sub-section (2) of 47 of the Foreign Exchange Management Act,
1999 (42 of 1999) and pursuant to change of nomenclature of Exchange Control
Department of Reserve Bank of India from 'Exchange Control Department' to 'Foreign
Exchange Department', the Reserve Bank hereby notifies that with effect from
January 31, 2004, the words 'Exchange Control Department' and 'ECD' appearing
in the Regulations notified from time to time by Reserve Bank of India, shall
be read as 'Foreign Exchange Department' and 'FED', respectively.
[No.1/23/EM/2000-Vol.III]
SHYAMALA GOPINATH, Executive Director