Foreign Exchange Management (Manner of Receipt and Payment) (Second Amendment) Regulations, 2020 - FEMA 14(R)/(2)/2020-RB - Foreign Exchange Management

RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) Mumbai, the 4th March, 2020 Foreign Exchange Management (Manner of Receipt and Payment) (Second Amendment) Regulations, 2020 Notification No. FEMA 14(R)/(2)/2020-RB.- In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) , the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 [ Notification No. FEMA 14(R)/2016-RB dated May 02, 2016 ] (hereinafter referred to as 'the Principal Regulations'), namely: 1. Short title and commencement:- i. These Regulations may be called the Foreign Exchange Management (Manner of Receipt and Payment) (Second Amendment) Regulations, 2020. ii. They shall come into force from the date of their publication in the official Gazette. 2. In the Principal Regulations, (i) in sub-Regulation 1 (A) of Regulation 3 , the following shall be substituted, namely: Members of Asian Clearing Union (ACU) (ii) in sub-Clause (a) of Clause (i) of sub-Regulation (1)(A) of Regulation 3 , the following shall be substituted, namely: Receipt for export of eligible goods and services by debit to the ACU Dollar account and / or ACU Euro account and / or ACU Japnese Yen account in India of a bank of the member country in which the other party to the transaction is resident or by credit to the ACU Dollar account and / or ACU Euro Account and / or ACU Japnese Yen account of the authorized dealer maintained with the correspondent bank in that member country; (iii) in sub-regulation 1(A) of Regulation 5, the following shall be substituted, namely: Members of Asian Clearing Union (ACU) (iv) in sub-Clause (a) of Clause (i) of sub-Regulation (1)(A) of Regulation 5 , the following shall be substituted, namely: Payment for import of eligible goods and services by credit to ACU Dollar account and / or ACU Euro account and / or ACU Japnese Yen account in India of a bank of the member country in which the other party to the transaction is resident or by debit to the ACU Dollar account and / or ACU Euro account and / or ACU Japnese Yen account of the authorized dealer maintained with the correspondent bank in that member country: AJAY KUMAR MISRA, Chief General Manager-in-Charge [ADVT.-III/4/Exty./491/19] Foot Note: The Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 [ Notification No. FEMA 14(R)/2016-RB dated May 02, 2016 ] were published in the Official Gazette vide G.S.R. No. 480(E) dated May 03, 2016 and subsequently amended vide No. FEMA 14 (R)/(1)/2019-RB dated November 13, 2019 published on November 14, 2019 in the Gazette of India, Extraordinary, Part-III, Section-4 .