Foreign Exchange Management Act, 1999 - Amendments - FEMA - 018

Foreign Exchange Management Act, 1999 - Amendments RBI/2004-05/ 222 A.P.(DIR Series) Circular No.18 October 16, 2004 To All Authorised Dealers in Foreign Exchange Madam / Sirs, Foreign Exchange Management Act, 1999 - Amendments We advise that the nomenclature of the Exchange Control Department of the Reserve Bank of India was changed from 'Exchange Control Department' to 'Foreign Exchange Department' with effect from January 31, 2004. The Government of India has since published the Notification No.FEMA.123/2004-RB dated September 9, 2004, vide G.S.R.626(E) in the Official Gazette dated September 21, 2004 (copy enclosed), to notify the above change. 2.. Attention of Authorised Dealers is also invited to the A.P.(DIR Series) circular No.76 dated February 24, 2004, wherein it was mentioned that necessary amendment/s to the Foreign Exchange Management (Current Account Transactions) Rules, 2000 were being issued separately. The relevant amendments have since been issued by Reserve Bank and notified by the Government, in the Official Gazette, vide G.S.R.No.608(E) dated September 13, 2004 (copy enclosed). 3. Authorised Dealers may bring the contents of this circular to the notice of their constituents and customers concerned. 4. The direction contained in this circular has been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, Grace Koshie Chief General Manager