| Date: |
06-10-2000
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| Notification No: |
RBI A P D (Series)Circular No 15/2000
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
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| Subject: |
Amendment to Foreign Exchange Management (Current Account Transactions) Rules, 2000 – Release of foreign exchange for advertisement in print media
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Amendment to Foreign Exchange Management (Current Account Transactions)
Rules, 2000 � Release of foreign exchange for advertisement in print media
Attention
of authorised dealers is drawn to paragraph 4 of Annexure I to A.D.(M.A. Series)
Circular No. 11 dated May 16, 2000, advising to provide exchange facilities for
transactions included in Schedule II to the Foreign Exchange Management (
Current Account Transactions) Rules, 2000, provided the applicant has secured
the approval from the Ministry/ Department of Government of India indicated
against the transaction.
2.
Government of India has since amended the Foreign Exchange Management
(Current Account Transactions) Rules, 2000 vide its Notification No. G.S.R. 663
(E) dated 9th August 2000. Accordingly, in the Foreign Exchange Management
(Current Account Transactions) Rules, 2000 in Schedule II at Serial No.2 the
following may be substituted.
"Advertisement
abroad by any State Government or its PSUs"
"Ministry of Finance, Department of Economic Affairs
3.
Authorised dealers may bring the contents of this circular to the notice
of their constituents concerned.
4.
The directions contained in this circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999) and any contravention or non-observance thereof is subject to the
penalties prescribed under the Act.
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