| Date: |
04-06-2002
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| Notification No: |
RBI A P D (Series)Circular No 49/2002
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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: |
Remittance for Participation in Lottery etc. Schemes
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Remittance for Participation in Lottery etc. Schemes
A.P. (DIR Series) Circular
No. 49 dated 4th June 2002
Attention of authorised
dealers is invited to A.P. (DIR Series) Circular No.22 dated December 7, 2000
and A.P. (DIR Series) Circular No.2 dated July 27, 2001 in connection with
prohibition on remittance in any form towards participation in lottery schemes
or lottery like schemes, functioning under different names like money
circulation scheme, or remittances for the purpose of securing prize
money/awards etc., under Foreign Exchange Management Act, 1999.
2.
It is clarified that the prohibition on such payments include payment not
only by a resident by use of cash/draft/credit card/debit card etc. but also
payments made by non-residents on behalf of residents. As such any person
resident in India effecting/remitting such payment directly/indirectly would
make himself/herself liable to be proceeded against the contravention of the
Foreign Exchange Management Act, 1999.
3.
Therefore, with a view to caution the members of public, authorised
dealers are once again advised to give wide publicity to the instructions
contained in the A.P. (DIR Series) Circulars referred to above.
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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