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Declaration Limit – Limit Raised to US $ 25000 from Rs. 25000 & Gifts Value Raised to Rs. 5 Lakh from Rs. One Lakh

  

Notification No: RBI Notification No FEMA 116/2004 RB*

G.S.R. 352(E). In exercise of the powers conferred by clause (a) of Sub-section (1) and Sub-section (3) of Section 7, Sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notification No. FEMA 23/2000-RB dated 3rd May, 2000, Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Export of Goods and Services) Regulation, 2000, as amended from time to time, namely:

1. Short title and commencement:

(i) These Regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2004.

(ii) They shall come into force on the date of their publication in the Official Gazette.

2. Amendment to the Regulations:

In the Foreign Exchange Management (Export of Goods and Service) Regulations, 2000 in Regulation 4, the following amendments shall be made, namely:

(i) in clause (d), for the words twenty five thousand rupees in value the words twenty five thousand USD in value shall be substituted,

(ii) in clause (e), for the words one lakh rupees in value the words five lakh rupees in value shall be substituted.


Sd/-
Shyamala Gopinath
Executive Director
[No. 1/23/EC/2000-Vol.II]

Foot Note: The Principal Regulations were published in the Official Gazette vide No. G.S.R. 409(E) dated May 3, 2000 in Part II, Section 3, Sub-section (i) and subsequently amended vide Nos. G.S.R. 199(E) dated February 27, 2001, 473(E) dated April 1, 2002, 773(E) dated August 27, 2003 and 900(E) dated October 29, 2003.

(Please refer 16816">CUS CIR NO. 53/2004 DATE 13/10/2004 - Waiver of filing GR forms for exports of value below US $ 25,000 under Foreign Exchange Management Regulations)
 
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