Notification No. G.S.R.731(E) Dt. 05/09/2003

FOREX Remittance Liberalised-Amount Raised to US$ One lakh for Persons Going for Employment Abroad, Emigration, Close Relatives, Studies, Consultancy Services, etc.

In exercise of the powers conferred by Section 5 and Sub-section (1) and clause (a) of Sub-section (2) of Section 46 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, makes the following amendments in the Foreign Exchange Management (Current Account Transactions) Rules, 2000, namely:-.

1.Short title and commencement.–

(1) These Rules may be called the Foreign Exchange Management (Current Account Transactions) (Third Amendment) Rules, 2003.

(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, in Schedule III,–

(a) in item Numbers 5, 6 and 7, for the word and figure "US $ 5000" the word and figure "US$ 100,000" shall be substituted;

(b) in item Number 10 for the word and figure "US $ 30,000" the word and figure "US $ 100,000" shall be substituted; and

(c) in item Number 15 for the word and figure "US$ 100,000" the word and figure "US $ 1,000,000" shall be substituted;

Sd/-
U. K. Sinha, Jt. Secy

[F. No. 1/5/EC/2000-Vol. II]

(Please refer Cir. NO. 33/2003-04-RB, Dt. 13/11/2003)

Foot Note :- The Principal rules were published in the Official Gazette vide G.S.R. 381(E) dated 3rd May, 2000 in part II, Section 3, Sub-section (I) and subsequently amended last vide G.S.R. 397(E) dated 1st May, 2003.

(Please refer NTF. NO. FEMA GSR 849(E)-RB, DT. 27/10/2003 for further amendments in Foreign Exchange Management (Current Account Transactions) Rules, 2000)

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