Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations, 2007 - 152-2007 - Foreign Exchange Management

Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations, 2007 RBI FEMA Notification No. 152-2007-RB dated 15 May 2007 In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Remittance of Assets) Regulations, 2000. (Notification No. FEMA.13/2000-RB dated 3rd May, 2000), namely:- 1. Short Title and Commencement.- (i) These Regulations may be called the Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations, 2007. (ii) They shall come into force with effect from November 16, 2006. @ 2. Amendment to the Regulations.- In the Foreign Exchange Management (Remittance of Assets) Regulations, 2000 A. In Regulation 4, (a) in sub-regulation 2, in clause (iii), (i) for the word 'calendar', the word 'financial' shall be substituted. (ii) sub-clause (b) shall be substituted by the following sub-clause, namely,: "an undertaking by the remitter and certificate from a Chartered Accountant in the format prescribed by the Central Board of Direct Taxes, Ministry of Finance, Government of India in their Circular No. 10/2002 dated October 9, 2002." (b) in sub-regulation (3), (i) for the word 'calendar', the word 'financial' shall be substituted. (ii) in clause (i) sub-clause (b) shall be substituted by the following new sub-clause, namely,: "an undertaking by the remitter and certificate from a Chartered Accountant in the format prescribed by the Central Board of Direct Taxes, Ministry of Finance, Government of India in their Circular No. 10/2002 dated October 9, 2002." (iii) in clause (ii), sub-clause (b) shall be substituted by the following sub-clause, namely,: "an undertaking by the remitter and certificate from a Chartered Accountant in the format prescribed by the Central Board of Direct Taxes, Ministry of Finance, Government of India in their Circular No. 10/2002 dated October 9, 2002." (iv) the first proviso shall be omitted. (v) in the second proviso, the word further' shall be omitted. B. In Regulation 6, in Sub-regulation 1, (a) in clause (i), for word 'calendar', the word 'financial' shall be substituted. Sd/- Salim Gangadharan Chief General Manager G.S.R.400(E) F.No. 1/23/EM/2000 Vol.IV Issued by: Ministry of Finance (Department of Economic Affairs) (Exchange Management Section) Reserve Bank of India Foreign Exchange Department Central Office Mumbai @ Certified that no person shall be adversely affected by the retrospective effect given to such Regulations. Foot Note: The Principal Regulations were published in the Official Gazette vide No. G.S.R. 396(E) dated May 5, 2000 in Part II, Section 3, Sub-section (i) and subsequently amended vide. No.G.S.R. 576(E) dated 19-8-2002, No.G.S.R. 630(E) dated 4-8-2003, No.G.S.R. 699(E) dated 1-9-2003 and No.G.S.R. 493(E) dated 4-8-2004