| Date: |
12-09-2002
|
| Notification No: |
RBI A P D (Series)Circular No 20/2002
|
| Issuing Authority: |
RBI
|
| Type: |
A.P.D.(Series) Circulars
|
| File No: |
|
| Subject: |
FEMA, 1999 - Current Account Transactions - Remittances towards Consultancy Services
|
|
FEMA, 1999 - Current Account Transactions - Remittances towards
Consultancy Services
A.P.
(DIR Series) Circular No. 20 dated 12th September 2002
Attention
of authorised dealers is invited to paragraph 3(B)(d) of our A.P. (DIR Series)
Circular No.29 dated March 31, 2001, in terms of which remittance exceeding USD
100,000 per project for any consultancy services procured from outside India
requires prior approval of the Reserve Bank, even though such remittance was
made out of the funds held in Exchange Earners� Foreign Currency (EEFC)
accounts.
2.
It is clarified that in view of Rule 6 (2) as contained in
Government of India Notification No. S.O.301 (E) dated March 30, 2001 (copy
enclosed to the above circular), prior approval of the Reserve Bank is not
required where such remittance is made out of the funds held in Exchange
Earners� Foreign Currency (EEFC) account.
4.
Authorised Dealers may bring the contents of this
circular to the notice of their constituents concerned.
5.
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).
|
|
|