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Foreign Exchange Management – (Manner of Receipt and Payment) (Amendment) Regulations, 2005

 

Notification No:RBI Notification No FEMA 128/2005 RB

G.S.R. 53(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 1286">Notification No. FEMA 14/2000-RB dated 3rd May 2000, as amended from time to time, the Reserve Bank of India makes the following amendment in the 10957">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, 2005."

(ii) They shall be deemed to have come into force from November 19, 2004@.
2. Amendment of the Regulations:

In the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000:
(i) In regulation 3, after sub-regulation (1), sub-regulation (1A) shall be inserted, namely:

"(1A) In respect of exports from India to Myanmar, payment may be received in any freely convertible currency or through ACU mechanism from Myanmar."

(ii) In regulation 5, after sub-regulation (1) sub-regulation (1A) shall be inserted, namely:

"(1A) In respect of imports into India from Myanmar, payment may be made in any freely convertible currency or through the ACU mechanism to Myanmar.".
Sd/-
F. R. Josheph
Chief General Manager

[F. No. 1/23/EM/2000-Vol.-III]

@Foot Notes:

"(1) This has been mentioned as the date on which the directions were issued to Authorised Dealers vide 17160">A. P. (DIR Series) Circular No. 28 dated 19th November, 2004.

(2) The Principal Regulations were published in the Gazette of India in Part II, Section 3, Sub-section (i) vide No. G.S.R. 397 (E) dated 5th May, 2000, and subsequently amended vide No. G.S.R. 772(E) dated 29th September, 2003."
 
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