Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2004. - G.S.R.608(E) - Foreign Exchange Management

Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2004 MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 13 th September 2004 G.S.R.608(E).-- In exercise of the powers conferred by sub-section (1) and clause (a) of sub-section (2) of section 46 read with proviso to section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in consultation with the Reserve Bank, the Central Government, having considered it necessary in the public interest, hereby makes the following amendments in the Foreign Exchange Management (Current Account Transactions) Rules, 2000, namely :- 1. (1) These rules may be called the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2004. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Foreign Exchange Management (Current Account Transactions) Rules, 2000, (a) in Schedule II, (i) after item number 5 and the entries relating thereto, the following item number and the entries shall be inserted, namely : - '6. Remittance of hiring charges of transponders by (a) TV Channels Ministry of Information and Broadcasting (b) Internet service providers Ministry of Communication and Information Technology' (ii) Item number 10 and the entries relating thereto shall be omitted; (b) in Schedule III, (i) item number 1 and the entries relating thereto shall be omitted; (ii) for item number 11 and the entries relating thereto, the following item number and the entries shall be substituted, namely :- '11. Commission, per transaction, to agents abroad for sale of residential flats or commercial plots in India exceeding USD 25,000 or 5% of the inward remittance whichever is more.'; (iii) Item numbers 12, 13 and 14 and the entries relating to each of items numbers shall be omitted; (iv) for item number 16 and the entries relating thereto, the following item numbers and the entries shall be substituted, namely:- '16. Remittance for purchase of trademark or franchise in India'; (v) item number 18 and the entries relating thereto shall be omitted. [No.F.1/2/EM/2004] U.K. SINHA, Jt.Secy. Note :- The principal rules were published in the Gazette of India, Extraordinary Part II, section 3(i) vide number G.S.R.381(E), dated the 3 rd May 2000 and subsequently amended last vide G.S.R.731(E) dated the 5 th September 2003.