Foreign Exchange Management (Manner of Receipt & Payments) (Amendment) Regulations, 2003 - 098/2003 - Foreign Exchange Management

Foreign Exchange Management (Manner of Receipt Payments) (Amendment) Regulations, 2003 RESERVE BANK OF INDIA EXCHANGE CONTROL DEPARTMENT CENTRAL OFFICE MUMBAI-400 001 Notification No.FEMA. 98/2003-RB dated August 27, 2003 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 29.09.2003 - G.S.R. No. 772(E) In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (Act 42 of 1999) and in partial modification of Notification No.FEMA.14/2000-RB dated May 3, 2000, the Reserve Bank makes the following amendment in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000, as amended from time to time, namely : 1. Short title and commencement (i) These Regulations may be called the Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2003. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment to the Regulations In the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000, in Regulation 4, after sub-regulation (v), the following sub-regulation shall be added, namely : '(vi) in the form of precious metals i.e. gold / silver / platinum equivalent to value of jewellery exported by Gem Jewellery units in Special Economic Zones and Export Oriented Units on the condition that the sale contract provides for the same and the value is declared in the relevant GR / SDF/ PP forms.' ( Usha Thorat ) Executive Director G.S.R.No.772(E) dated 29.9.2003