Amendments in Schedules I and III of the Foreign Exchange Management (Current Account Transaction) Rules, 2000 - GSR 397(E) - Foreign Exchange Management

Notification Dated: 1-5-2003 GSR 397(E) : In exercise of the powers conferred by section 5 and sub-section (1) and clause (a) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999) , and in consultation with Reserve Bank, the Central Government having considered it necessary in the public interest, makes the following amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000 , namely: Short title and commencement 1. (1) These rules may be called the Foreign Exchange Management (Current Account Transaction) (Second Amendment) Rules, 2003. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Foreign Exchange Management (Current Account Transaction) Rules, 2000 , (a) in Schedule 1, for item 6, the following shall be substituted, namely: 6. Payment of commission on exports under Rupee State Credit Route, except commission up to 10% of invoice value of exports of tea and tobacco. ; (b) in Schedule III, in item 7, (A) for clause (i), the following clause shall be substituted, namely: (i) exceeding net salary (after deduction of taxes, contribution to provident fund and other deductions) of a person who is resident but not permanently resident in India and (a) is a citizen of a foreign State other than Pakistan; or (b) is a citizen of India, who is on deputation to the office or branch or subsidiary or joint venture in India of such foreign company , (B) in the Explanation, for the words employment of , the words employment of deputation of shall be substituted.