Submission of Returns

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..... oreign Exchange Management Act (FEMA), 1999, certain returns prescribed under Foreign Exchange Regulation Act (FERA), 1973 are no longer relevant. We have reviewed the position and advise as under : 1. Annual Returns With introduction of FEMA, persons resident in India need not submit Annual Returns in respect of all types of foreign assets held by them either in terms of general permission .....

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..... dealers need not submit statement in form CIR to the Reserve Bank. 3. Statement in form SPG and SPM With introduction of FEMA, 1999, in terms of paragraphs 7(v) and 8 of Annexure 1 to A.D.(M.A. Series) Circular No.11 dated May 16, 2000, authorised dealers can, inter alia, themselves allow remittances of surplus freight/passage collections by airline/shipping companies after verification of d .....

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