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Current Account Transactions � Remittance for Advertisement on Foreign
Television
A.P.
(DIR Series) Circular No. 77 dated 10th February 2003
Attention
of authorised dealers is invited to A.P. (DIR Series) Circular No.44 dated May
14, 2002, regarding approval for remittances for advertisement on foreign
television. In terms of para 2 of the circular, authorised dealers are required
to obtain Chartered Accountant�s certificates from their customers.
2.
With a view to
simplifying the procedure, it has been decided as under: -
(i)
A Chartered
Accountant�s certificate, for export earnings of more than Rs.10 lakhs, in
each of the preceding two years, need not be insisted in case the export
earnings prescribed (i.e. minimum Rs.10 lakhs in each of the previous two
years), have been realised through the same authorised dealer, through whom the
remittance is sought to be made.
(ii)
A Chartered Accountant�s
certificate should, however, be obtained certifying that the remittance
represents advertisement charges incurred by the Corporate towards telecast in
foreign countries and not in India alone. This certificate will have to be
obtained for each remittance.
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).
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