Notification No.FEMA 17/2000-RB, dated 3rd May 2000

Transactions in India rupees with residents of Nepal and Bhutan
In exercise of the powers conferred by Section 3 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank hereby directs that the prohibitions imposed by clauses (b), (c) and (d) of that section shall not apply to any transaction entered into in Indian rupees by orwith Transactions in India rupees with residents of Nepal and BhutanTransactions in India rupees with residents of Nepal and Bhutan

i) a person who is a citizen of India, Nepal or Bhutan resident in Nepal orBhutan; Transactions in India rupees with residents of Nepal and BhutanTransactions in India rupees with residents of Nepal and Bhutan

ii) a branch situated in Nepal or Bhutan of any business carried on by a company or a corporation incorporated under any law in force in India, Nepal orBhutan; Transactions in India rupees with residents of Nepal and BhutanTransactions in India rupees with residents of Nepal and Bhutan

iii) a branch situated in Nepal or Bhutan of any business carried on as a partnership firm or otherwise, by a citizen of India, Nepal or Bhutan.

(P.R. GOPALA RAO)
Executive Director

(Note:- see
1. AP (DIR Sr.) Cir. No. 10/2001-RB, dt. 1/11/2001)

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