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Date: 20-04-2002
Notification No: RBI A P D (Series)Circular No 39/2002
Issuing Authority: RBI  
Type: A.P.D.(Series) Circulars
File No:
Subject: Foreign Exchange Management Act, 1999 – Current Account Transactions
Foreign Exchange Management Act, 1999 � Current Account Transactions

A. P. (DIR Series) Circular No. 39 dated 20th April 2002

The authorised dealers have been permitting the Indian companies to open Trading Office/ Non-Trading Office/ Branch Office/ Representative Office abroad and allowing remittance for initial expenses and recurring expenses for maintenance of such office abroad. The authorised dealers are required to obtain from the applicants a statement in Form ORR where remittance is allowed from EEFC Account and to submit copied of such statements to the Regional Office of Reserve Bank after adding their certification thereon along with the monthly statement in Form ORA.

2.     On a review, it has been decided to discontinue forwarding the statement in Form ORR to Reserve Bank. It has also been decided that statement in Form ORA should be submitted to the Regional Office of Reserve Bank on half yearly basis instead of on a monthly basis by the authorised dealers.

3.     Authorised Dealers may bring the contents of this circular to the notice of their concerned constituents.

4.     The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management, 1999 (42 of 1999).

       

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