Foreign Exchange Management Act, 1999 - Current Account Transactions – Liberalisation - FEMA - 033

Foreign Exchange Management Act, 1999 - Current Account Transactions - Liberalisation Reserve Bank of India Exchange Control Department Central Office Mumbai - 400 001 A.P.(DIR Series) Circular No.33 November 13, 2003 To All Authorised Dealers in Foreign Exchange Madam/Sirs, Foreign Exchange Management Act, 1999 - Current Account Transactions - Liberalisation Attention of Authorised Dealers is invited to A.P.(DIR Series) Circular No.3 dated July 17, 2003 permitting them to allow remittances upto USD 100,000 each for various purposes viz. (i) employment abroad (ii) emigration (iii) maintenance of close relatives abroad and (iv) education abroad. Authorised Dealers were also permitted to allow remittance upto USD 1 million per project, towards consultancy services procured from outside India subject to the applicant furnishing documents to the Authorised Dealers' satisfaction. The necessary amendments to the Foreign Exchange Management (Current Account Transactions) Rules, 2000 have since been notified by the Government, in the Official Gazette, vide Notification No.G.S.R. 731(E) dated September 5, 2003, a copy of which is enclosed. 2. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. 3. The directions contained in this circular have been issued under Section 10(4) and Section 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager