Executive Summary:
This document contains the Reserve Bank of India's Foreign Exchange Management (Manner of Receipt and Payment) Second Amendment Regulations, 2020. It amends the Principal Regulations of 2016, with changes effective from the date of publication in the official Gazette (March 6, 2020). The amendments concern regulations related to the Asian Clearing Union (ACU).
Key Points / Main Content:
* **Amendments to Regulation 3 (Members of Asian Clearing Union ACU):**
* Revisions to sub-regulation 1A, clarifying regulations for ACU member transactions.
* Changes to sub-clause (a) of clause (i) of sub-regulation 1A, related to receipts for export of eligible goods and services. Specifies use of ACU Dollar, Euro, and Japanese Yen accounts in India or with correspondent banks in member countries.
* **Amendments to Regulation 5 (Members of Asian Clearing Union ACU):**
* Revisions to sub-regulation 1A, clarifying regulations for ACU member transactions.
* Changes to sub-clause (a) of clause (i) of sub-regulation 1A, related to payments for import of eligible goods and services. Specifies use of ACU Dollar, Euro, and Japanese Yen accounts in India or with correspondent banks in member countries.
Impact Analysis:
* **Authorized Dealers:**
* Impact: Revised procedures for handling receipts and payments related to export and import of eligible goods and services for ACU member transactions.
* Action Required: Update internal processes to align with the amended regulations regarding ACU Dollar, Euro, and Japanese Yen accounts.
* **Members of Asian Clearing Union (ACU):**
* Impact: New guidelines for export and import transactions.
* Action Required: Understand and comply with the revised regulations for receipts and payments using ACU Dollar, Euro, and Japanese Yen accounts.
* **Reserve Bank of India:**
* Impact: Implementation and oversight of the amended regulations.
* Action Required: Monitor compliance with the new regulations and address any issues arising from their implementation.
Key Entities Referenced
Foreign Exchange Management Act, 1999: An act of the Indian Parliament that empowers the Reserve Bank of India to make regulations concerning foreign exchange.
Reserve Bank of India: The central bank of India, responsible for regulating the country's monetary policy and foreign exchange.
Foreign Exchange Management Manner of Receipt and Payment Regulations, 2016: 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 Second Amendment Regulations, 2020: Amendment regulations to the 2016 regulations, modifying rules related to receipt and payment in foreign exchange.
Asian Clearing Union: A payment arrangement whereby the participants settle payments for intra-regional transactions among the participating countries on a multilateral basis.
ACU Dollar account: A Dollar account related to the Asian Clearing Union.
ACU Euro account: A Euro account related to the Asian Clearing Union.
ACU Japnese Yen account: A Japnese Yen account related to the Asian Clearing Union.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. NO. D. L.-33004/99
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सी.जी.-एम.एxचxx.G-अID.-E0x7xx0 32020-218573
CG-MH-E-07032020-218573
असाधारण
EXTRAORDINARY
भाग III—खण्ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 104] नई ददल्ली, िक्रु र्ार, मार् व6, 2020/फाल्ग नु 16, 1941
No. 104] NEW DELHI, FRIDAY, MARCH 6, 2020/PHALGUNA 16, 1941
भारतीय ररज़र् वबकैं
(जर्दिे ी मद्रु ा जर्भाग)
(केंद्रीय कायालव य)
मुंबई, 4 मार्,व 2020
जर्दिे ी मद्रु ा प्रबधं (प्राजि एर् ंभगु तान का तरीका), (दसू रा सिं ोधन) जर्जनयमार्ली, 2020
अजधसर्ू ना स.ं फेमा 14(आर)/(2)/2020-आरबी.—जर्देिी मद्रु ा प्रबंध अजधजनयम,1999 (1999 का 42) की
धारा 47 द्वारा प्रदत्त िजियों का प्रयोग करत े हुए भारतीय ररज़र्व बैंक एतद्द्वारा जर्देिी मद्रु ा प्रबंध (प्राजि एर् ं भुगतान का
तरीका) जर्जनयमार्ली, 2016 (ददनांक 02 मई 2016 की अजधसूर्ना स.ं फेमा. 14 (आर)/2016-आरबी) (जिसे इसके
पश्चात “मूल जर्जनयमार्ली” कहा गया ह)ै को जनम्नानुसार संिोजधत करता ह,ै अथावत्:-
1. सजं िि नाम और प्रारंभ
i. यह जर्जनयमार्ली जर्देिी मुद्रा प्रबंध (प्राजि एर् ं भुगतान का तरीका) (दसू रा संिोधन) जर्जनयमार्ली, 2020
कहलाएगी ।
ii. य े जर्जनयम सरकारी रािपत्र म ें उनके प्रकाजित दकए िान े की तारीख स े प्रभार्ी होंगे।
2. मूल जर्जनयमार्ली म,ें
(i) जर्जनयम 3 के उप-जर्जनयम 1(ए) म ेंजनम्नजलजखत को प्रजतस्ट्थाजपत दकया िाएगा, अथावत:्
“एजियन जललयररग यूजनयन(एसीय)ू के सदस्ट्य”
1317 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(ii) जर्जनयम 3 के उप-जर्जनयम 1(ए) के खंड (i) के उप-खंड (ए) म ें जनम्नजलजखत को प्रजतस्ट्थाजपत दकया िाएगा,
अथावत:्
“दकसी लेनदेन की दसू री पार्टी जिस सदस्ट्य दिे की जनर्ासी ह,ै उस दिे के बैंक के भारत म ें जस्ट्थत एसीय ू डॉलर
खाते और/अथर्ा एसीयू यरू ो खाते और/अथर्ा एसीय ू िापानी येन खात े म ें डेजबर्ट कर के अथर्ा उस सदस्ट्य दिे
म ें प्रजधकृत व्यापारी के प्रजतजनजध बैंक के पास रख े उसके एसीय ू डॉलर खात े और/अथर्ा एसीय ू यरू ो खात े
और/अथर्ा एसीय ू िापानी येन खाते म ें िमा कर के पात्र माल तथा सेर्ाओं के जनयावत की प्राजि की िाएगी ”
(iii) जर्जनयम 5 के उप-जर्जनयम 1(ए) म ेंजनम्नजलजखत को प्रजतस्ट्थाजपत दकया िाएगा, अथावत्:
“एजियन जललयररग यूजनयन(एसीय)ू के सदस्ट्य”
(iv) जर्जनयम 5 के उप-जर्जनयम 1(ए) के खंड (i) के उप-खंड(ए) म ें जनम्नजलजखत को प्रजतस्ट्थाजपत दकया िाएगा,
अथावत:्
“दकसी लेनदेन की दसू री पार्टी जिस सदस्ट्य दिे की जनर्ासी ह,ै उस दिे के बैंक के भारत म ें जस्ट्थत एसीय ू डॉलर
खाते और/अथर्ा एसीयू यरू ो खाते और/अथर्ा एसीय ू िापानी येन खात े म ें िमा कर के अथर्ा उस सदस्ट्य दिे म ें
प्रजधकृत व्यापारी के प्रजतजनजध बैंक के पास रखे उसके एसीय ू डॉलर खाते और/अथर्ा एसीय ू यूरो खात े
और/अथर्ा एसीय ू िापानी येन खाते स े डेजबर्ट कर के पात्र माल तथा सेर्ाओं के आयात का भुगतान दकया
िाएगा।”
अिय कुमार जमश्र, प्रभारी मुख्य महाप्रबंधक
[जर्ज्ञापन-III/4/असा./491/19]
फुर्ट-नोर्ट: जर्देिी मुद्रा प्रबंध (प्राजि एर् ं भुगतान का तरीका) जर्जनयमार्ली, 2016 (ददनांक 02 मई 2016 की
अजधसूर्ना स.ं फेमा. 14 (आर)/2016-आरबी) को ददनांक 03.05.2016 के सा.का.जन. स.ं 480(अ) के माध्यम
स े सरकारी रािपत्र म ें प्रकाजित दकया गया तथा तद्पश्चात 13 नर्ंबर 2019 की स.ं फेमा.
14 (आर)(1)/2019-आरबी) के माध्यम स े संिोजधत दकया गया और 14 नर्ंबर 2019 को सरकारी रािपत्र,
असाधारण, भाग-III, खंड 4 म ें प्रकाजित दकया गया ह।ै
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
Mumbai, the 4th March, 2020
Foreign Exchange Management (Manner of Receipt and Payment) (Second Amendment)
Regulations, 2020
Notification No. FEMA 14(R)/(2)/2020-RB.—In exercise of the powers conferred by Section 47 of
the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following
amendments in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016
[Notification No. FEMA 14(R)/2016-RB dated May 02, 2016] (hereinafter referred to as 'the Principal
Regulations'), namely:
1. Short title and commencement:-
i. These Regulations may be called the Foreign Exchange Management (Manner of Receipt and Payment)
(Second Amendment) Regulations, 2020.
ii. They shall come into force from the date of their publication in the official Gazette.
2. In the Principal Regulations,
(i) in sub-Regulation 1 (A) of Regulation 3, the following shall be substituted, namely:
“Members of Asian Clearing Union (ACU)”[भाग III— खण् ड 4] भारत का रािपत्र : असाधारण 3
(ii) in sub-Clause (a) of Clause (i) of sub-Regulation (1)(A) of Regulation 3, the following shall be
substituted, namely:
“Receipt for export of eligible goods and services by debit to the ACU Dollar account and / or ACU
Euro account and / or ACU Japnese Yen account in India of a bank of the member country in which the
other party to the transaction is resident or by credit to the ACU Dollar account and / or ACU Euro
Account and / or ACU Japnese Yen account of the authorized dealer maintained with the correspondent
bank in that member country;”
(iii) in sub-regulation 1(A) of Regulation 5, the following shall be substituted, namely:
“Members of Asian Clearing Union (ACU)”
(iv) in sub-Clause (a) of Clause (i) of sub-Regulation (1)(A) of Regulation 5, the following shall be
substituted, namely:
“Payment for import of eligible goods and services by credit to ACU Dollar account and / or ACU
Euro account and / or ACU Japnese Yen account in India of a bank of the member country in which the
other party to the transaction is resident or by debit to the ACU Dollar account and / or ACU Euro
account and / or ACU Japnese Yen account of the authorized dealer maintained with the correspondent
bank in that member country:”
AJAY KUMAR MISRA, Chief General Manager-in-Charge
[ADVT.-III/4/Exty./491/19]
Foot Note: The Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016
[Notification No. FEMA 14(R)/2016-RB dated May 02, 2016] were published in the Official
Gazette vide G.S.R. No. 480(E) dated May 03, 2016 and subsequently amended vide No. FEMA
14 (R)/(1)/2019-RB dated November 13, 2019 published on November 14, 2019 in the Gazette of
India, Extraordinary, Part-III, Section-4.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.