RBI/2009-10/156
A. P. (DIR Series) Circular No.08
September 14, 2009
To,
All Category – I Authorised Dealer Banks
Madam / Sir,
Foreign Currency Account by diplomatic missions
- Credit of Visa Fees
Attention of Authorised Dealer Category - I (AD Category – I) banks is invited
to clause (a) of sub-regulation 3 of Regulation 4 of the Notification No. FEMA
5/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Deposit)
Regulations, 2000, as amended from time to time, in terms of which proceeds of
inward remittances received from outside India through normal banking channels
are allowed to be credited to the accounts maintained in foreign currency by
diplomatic missions.
- In consultation with the Government of India, it has been decided to permit
diplomatic missions to credit the visa fees collected in India in Indian rupees
by way of transfer from the rupee account to the accounts maintained in foreign
currency by the diplomatic missions, in addition to proceeds of inward
remittances received from outside India through normal banking channels.
- Necessary amendment to the Foreign Exchange Management (Deposit) Regulations,
2000 dated May 3, 2000 has been notified vide Notification No. 193/2009-RB dated
June 2, 2009 (G.S.R. No. 442(E) published in the Official Gazette of Government
of India dated June 23, 2009) (copy enclosed).
- Accordingly, AD Category –I banks may allow the diplomatic missions to credit
the visa fees collected in India in Indian rupees, by way of transfer from the
rupee account, to the account maintained in foreign currency by the diplomatic
missions.
- AD Category - I banks may bring the contents of this circular to the notice
of their constituents concerned.
- The directions contained in this circular have been issued under Sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is
without prejudice to permissions / approvals, if any, required under any other
law.
Yours faithfully,
(Salim Gangadharan)
Chief General Manager-in-Charge
ANNEX
[To A.P.(DIR Series)
Circular No.08 of 14.09.09]
Reserve Bank of India
Foreign Exchange Department
Central Office
Mumbai 400 001
Notification No.FEMA. 193 /2009-RB
Date: June 2, 2009
Foreign Exchange management (Deposit) (Amendment) Regulations, 2009
In exercise of the powers conferred by clause (f) of sub section (3) of section
6 and sub section (2) of section 47 of the Foreign Exchange Management Act, 1999
(42 of 1999), the Reserve Bank of India makes the following amendments in the
Foreign Exchange Management (Deposit) Regulations, 2000 (Notification
No.FEMA.5/2000-RB dated May 3, 2000) namely : -
- Short title and commencement :-
(i) These regulations may be called the Foreign Exchange Management (Deposit)
(Amendment) Regulations, 2009.
(ii) They shall come into force from the date of their publication in the
Official Gazette.
- Amendment of the Regulations: -
In the Foreign Exchange Management (Deposit) Regulations, 2000 (Notification
No.FEMA.5/2000-RB dated May 3, 2000), Regulation 4, in sub-regulation (3), for
clause (a), the following shall be substituted, namely:-
“(a) credits to the account shall be only by way of:-
(i) proceeds of inward remittances received from outside India through normal
banking channels; and
(ii) transfer of funds, from the rupee account of the diplomatic mission in
India, which are collected in India as visa fees and credited to such account.”
(Salim Gangadharan)
Chief General Manager-in-Charge
Foot Note :
The Principal Regulations were published in the Official Gazette vide
G.S.R.No.388 (E) dated May 5, 2000 in Part II, Section 3, Sub-Section (i) and
subsequently amended vide :-
G.S.R.No.262(E) dated April 9, 2002
G.S.R.No.577(E) dated August 19, 2002
G.S.R.No.855(E) dated December 31, 2002
G.S.R.No.494(E) dated August 4, 2004
G.S.R.No.221(E) dated April 7, 2005
G.S.R.No.663(E) dated November 14, 2005
G.S.R.No.28(E) dated January 19, 2006
G.S.R.No.495(E) dated July 23, 2007
G.S.R.No.664(E) dated October 16, 2007
G.S.R.No.714(E) dated November 14, 2007
G.S.R.No.91(E) dated February 15, 2008
Published in the Official Gazette of Government
of India – Extraordinary – Part-II, Section 3,
Sub-Section (i) dated 23.06.2009 - G.S.R.No. 442 (E)