| Date: |
22-01-2015
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| Notification No: |
RBI/2014-15/423 A.P. (DIR Series) Circular No.62
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2014-15/423 |
| Subject: |
Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 – Remittance of salary
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RBI/2014-15/423
A.P. (DIR Series) Circular No. 62
January 22, 2015
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Foreign Exchange Management (Foreign Currency Accounts by a Person
Resident in India) Regulations, 2000 – Remittance of salary
Attention of Authorised Dealer Category – I banks is invited to
A. P. (DIR
Series) Circular No. 26 dated January 14, 2010 and sub-regulation 8 of
Regulation 7 of
Notification No. FEMA 10/2000-RB dated May 3, 2000 viz. Foreign
Exchange Management (Foreign Currency Account by a person resident in India)
Regulation, 2000 (as amended from time).
- We have been receiving queries whether remittance of salary outside India can
be affected for employees on deputation to a group company in India and for
employees of Limited Liability Partnership.
- The extant instructions have been reviewed and it is hereby informed that the
facility available to an employee of a company under Regulation 7(8) of
Notification No. FEMA 10 (as amended from time to time) shall also be available
to an employee who is deputed to a group company in India. In addition, the term
‘company’ referred to in the said regulation will include ‘Limited Liability
Partnership’ as defined in the LLP Act, 2008.
- Accordingly, it is hereby informed that Reserve Bank has since amended the
Principal Regulations through the Foreign Exchange Management (Foreign Currency
Accounts by a Person Resident in India) (Amendment) Regulations, 2014 notified
vide
Notification No. FEMA. 328/2014-RB dated December 3, 2014 c.f. G.S.R.
No.913(E) dated December 24, 2014.
- AD Category- I banks may bring the contents of the circular to the notice of
their constituents concerned.
- The directions contained in this circular have been issued under Sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is
without prejudice to permissions / approvals, if any, required under any other
law.
Yours faithfully,
(C D Srinivasan)
Chief General Manager
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