Date: 2015-12-07Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 42 of 1999 and in partial modification of its Notification No.FEMA 14/2000 RB dated 3rd May, 2000, Reserve Bank of India makes
Executive Summary:
This is a notification from the Reserve Bank of India amending the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000. The amendment, effective from the date of publication in the Official Gazette, introduces an additional mode of payment as directed by the Reserve Bank of India to authorized dealers. It was issued on December 7, 2015.
Key Points / Main Content:
Amendment Regulations:
* These regulations are called the Foreign Exchange Management (Manner of Receipt and Payment Amendment) Regulations, 2015.
* The amendment comes into force on the date of its publication in the Official Gazette.
Amendment to Regulations:
* In Regulation 5 of the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000, after sub-regulation 2(b), the following is added as (c): "Any other mode of payment in accordance with the directions issued by the Reserve Bank of India to authorized dealers from time to time."
Impact Analysis:
Authorised Dealers:
* Impact: Authorised dealers are impacted as they will be subject to directions issued by the Reserve Bank of India regarding additional modes of payment.
* Action Required: Comply with any directions issued by the Reserve Bank of India regarding acceptable modes of payment for foreign exchange transactions.
Key Entities Referenced
Reserve Bank of India: Central bank of India, responsible for regulating the banking system and managing foreign exchange.
Mumbai, Maharashtra: City in India, location of the Central Office of the Reserve Bank of India, where the notification was issued.
Foreign Exchange Management Act, 1999: Indian legislation governing foreign exchange transactions and regulations.
Foreign Exchange Management Manner of Receipt and Payment Regulations, 2000: Regulations issued by the Reserve Bank of India pertaining to the manner of receiving and making payments in foreign exchange.
Foreign Exchange Management Manner of Receipt and Payment Amendment Regulations, 2015: Amendment regulations to the Foreign Exchange Management Manner of Receipt and Payment Regulations, 2000.
A. K. Pandey: Chief General Manager at Reserve Bank of India, signatory of the notification.
New Delhi: City in India.
G.S.R. 935E: Notification number.
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सा.का.िन. स.ं 772(अ) (cid:1)दनांक 29.09.2003
सा.का.िन. स.ं 53(अ) (cid:1)दनांक 02.02.2005
सा.का.िन. स.ं 343(अ) (cid:1)दनांक 29.05.2013
सा.का.िन. स.ं 479(अ) (cid:1)दनांक 12.07.2013
सा.का.िन. स.ं 322(अ) (cid:1)दनांक 07.05.2014
सा.का.िन. स.ं 931(अ) (cid:1)दनांक 31.12.2014
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 7th December, 2015
Foreign Exchange Management (Manner of Receipt and Payment)
(Amendment) Regulations, 2015
G.S.R. 935(E).—In exercise of the powers conferred by Section 47 of the Foreign Exchange
Management Act, 1999 (42 of 1999) and in partial modification of its Notification No.FEMA 14/2000-RB
dated 3rd May, 2000, Reserve Bank of India makes the following amendments to Foreign Exchange
Management (Manner of Receipt and Payment) Regulations, 2000 namely;
1. Short title and commencement
i. These Regulations may be called the Foreign Exchange Management (Manner of Receipt and
Payment) (Amendment) Regulations, 2015.
ii. They shall come into force on the date of their publication in the official Gazette.¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
2. Amendment to the Regulations
In the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000, in the
Regulation 5, after sub-regulation (2) (b) following shall be added at (c), namely:
‘Any other mode of payment in accordance with the directions issued by the Reserve Bank of India to
authorised dealers from time to time.’
[No. FEMA.357/2015-RB]
A. K. PANDEY, Chief General Manager
Foot Note:-
(i) The Principal Regulations were published in the Official Gazette vide G.S.R. No.397(E) dated
May 5, 2000 in Part II, Section 3, sub-Section (i) and subsequently amended as under:-
G.S.R. No. 772(E) dated September 29, 2003
G.S.R. No. 53(E) dated February 2, 2005
G.S.R. No. 343(E) dated May 29, 2013
G.S.R. No. 479(E) dated July 12, 2013
G.S.R. No. 322(E) dated May 07, 2014
G.S.R. No. 931(E) dated December 31, 2014
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.