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A.P.(DIR Series) Circular No.104
May 31, 2003
To
All Authorised Dealers in Foreign Exchange
Madam/Sir,
Foreign Exchange Management Act, 1999 - Liberalisation
Attention of authorised dealers is invited to our A.P.(DIR Series) Circulars listed below, announcing certain liberalised facilities in Capital Account transactions for a period upto June 30, 2003, subject to review.
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Sr. No. |
A.P.(DIR Series) Circular No. |
Date |
Subject
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1. |
66 |
13.01.2003 |
Overseas Investments – By Corporates, Individuals and Mutual Funds. |
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2. |
67 |
13.01.2003 |
Facilities to NRIs/PIOs and Foreign Nationals |
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3. |
68 |
13.01.2003 |
Acquisition of foreign securities by Resident individuals under ESOP Scheme |
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4. |
69 |
13.01.2003 |
Retention of Proceeds of ADRs/GDRs abroad |
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5. |
70 |
13.01.2003 |
External Commercial Borrowings – Parking of funds abroad |
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6. |
71 |
13.01.2003 |
Acquisition of immovable property outside India – Branches/trading offices overseas |
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7. |
78 |
14.02.2003 |
EEFC Account Scheme – Extension of trade related loans/advances to overseas importers |
2. It has now been decided to extend these facilities beyond June 30, 2003 till further notice.
3. Necessary amendments to the Foreign Exchange Management Regulations, 2000 are being issued separately.
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).
Yours faithfully,
Grace Koshie
Chief General Manager
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