| Date: |
27-07-2001
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| Notification No: |
RBI A P D (Series)Circular No 2/2001
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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
It
has come to the notice of the Reserve Bank that certain overseas organisations
have been advising individuals in India that they have won prizes in lotteries
etc. and that they should arrange to remit some amount in US Dollars, as fees.
2.
Attention of the authorised dealers is drawn to Item 3 of Schedule l to
the Government of India Notification G.S.R. 381(E) dated May 3, 2000, which
prohibits, inter alia, remittances for the purchase of lottery tickets.
Authorised dealers are, therefore, advised to suitably inform the members of
public that remittance in any form towards participation in lottery schemes are
prohibited under Foreign Exchange Management Act, 1999. Further, these
restrictions are also applicable to remittances for participation in lottery
like schemes functioning under different names like money circulation scheme, or
remittances for the purpose of securing prize money/ awards etc.
3.
The direction 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). Any contravention or non-observance of these directions is subject to the
penalties prescribed under the Act.
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