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Current Account Transactions � Remittance for Advertisement on Foreign
Television
A.
P. (DIR Series) Circular No. 44 dated 14th May 2002
Attention
of authorised dealers is invited to AP (DIR Series) Circular No. 11 dated May
16, 2000, enclosing therewith a copy of Government of India Notification No.
G.S.R. No. 381(E) dated May 3, 2000. In terms of item No. 13 of Schedule III of
the Notification prior approval of Reserve Bank is required for remittance of
foreign exchange for advertisement on foreign television by a person whose
export earnings are less than Rs. 10 Lakhs during each of the preceding two
years, unless the payment is made from their EEFC account.
2.
It is clarified that before making any remittance for advertisement on
foreign television on behalf of residents who do not require any prior
permission from the Reserve Bank, authorised dealers should obtain a certificate
from a Chartered Account certifying that:
(a)
applicant exporter satisfies the criteria of having export earning of
more than Rs. 10 lakhs during each of the preceding two years, and
(b)
the advertisement for which foreign exchange is being remitted will be
broadcast by the foreign television company in foreign countries and not in
India alone.
3.
Authorised Dealers may being 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).
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