Reserve Bank of India
Foreign Exchange Department
Central Office
Mumbai – 400 001
Notification No. FEMA. 257/2013-RB
February 15, 2013
Foreign Exchange Management (Manner of Receipt and Payment)
(Amendment) Regulations, 2013
In exercise of the powers conferred by Section 47 of the Foreign Exchange
Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following
amendments in the Foreign Exchange Management (Manner of Receipt and Payment)
Regulations, 2000 (Notification No. FEMA.14/2000-RB dated May 3, 2000)
(hereinafter referred to as 'the principal Regulations'), namely:
1. Short title and commencement: -
(a) These Regulations may be called the Foreign Exchange Management (Manner of
Receipt and Payment) (Amendment) Regulations, 2013.
(b) The provisions of these Regulations shall be deemed to have come into force
with effect from the dates specified against each of the provisions@.
2. Amendment of Regulation 3:
In the principal Regulations, in Regulation 3, in sub-regulation (1),
(A) the words and brackets, “(other than Nepal and Bhutan)” shall be omitted and
shall be deemed to have been omitted with effect from 27th day of December 2010.
(B) in the Table,
(I) in the first column, under the heading “Group”, under Item (1),
- for the words “(except Nepal)”, the words “(except Nepal and Bhutan)” shall be
substituted and shall be deemed to have been substituted with effect from 1st
day of June, 2000.
- for the words “(except Nepal and Bhutan)”, the words “( except Nepal, Bhutan and
Islamic Republic of Iran)” shall be substituted and shall be deemed to have been
substituted with effect from 27th day of December, 2010.
- for the words “Bangladesh, Islamic Republic of Iran,”, the words “Bangladesh,“
shall be substituted and shall be deemed to have been substituted with effect
from 27th day of December 2010.
- for the words “Pakistan and Sri Lanka”, the words “ Pakistan, Sri Lanka and
Republic of Maldives” shall be substituted and shall be deemed to have been
substituted with effect from 30th day of October, 2009.
(II) In the second column, under the heading “Manner of receipt of foreign
exchange”, under Item 1(a), for the words “Asian Clearing Union dollar account”,
wherever they occur, the words “Asian Clearing Union dollar account and or Asian
Clearing Union euro account” shall be substituted and shall be deemed to have
been substituted with effect from 26th day of December 2008.
(III) After the first row, after Item (1), the following shall be inserted and
shall be deemed to have been inserted with effect from 27th day of December
2010.
| (1A) Nepal and Bhutan |
Payment in accordance with the provisions of
Notification No. FEMA 17/2000-RB,
dated May 3, 2000, as amended from time to time. |
| (1B) Islamic Republic of Iran |
(a) Payment for all eligible current transactions, in any permitted currency and
in accordance with the directions issued by the Reserve Bank to the authorized
dealers from time to time; and
(b) Payment in any permitted currency in all other cases. |
(IV) in the second row,
(a) In the first column, under the heading “Group”, under item (2), for the
words, figures and brackets, “(2) All countries other than those mentioned in
(1)”, the words, figures and brackets, “(2) All countries other than those
mentioned in (1), (1A) and (1B)” shall be substituted and shall be deemed to
have been substituted with effect from 27th day of December, 2010.
(b) In the second column, under the heading “Manner of receipt of foreign
exchange”, under Item (2)(a), for the words “Nepal or Bhutan”, the words “Nepal
or Bhutan or Islamic Republic of Iran” shall be substituted and shall be deemed
to have been substituted with effect from 27th day of December, 2010.
3. Amendment of Regulation 5
In the principal Regulations, in Regulation 5, in sub-regulation (1),
(A) the words and brackets, “(other than Nepal and Bhutan)” shall be omitted and
shall be deemed to have been omitted with effect from 27th day of December 2010.
(B) in the Table
(I) in the first column, under the heading “Group”, under Item (1),
- for the words “(except Nepal”), the words and brackets “(except Nepal and
Bhutan)” shall be substituted and shall be deemed to have been substituted with
effect from 1st day of June, 2000.
- for the words “(except Nepal and Bhutan)”, the words“(except Nepal, Bhutan and
Islamic Republic of Iran)” shall be substituted and shall be deemed to have been
substituted with effect from 27th day of December, 2010,.
- for the words “Bangladesh, Islamic Republic of Iran, ”, the words “Bangladesh,“
shall be substituted and shall be deemed to have been substituted with effect
from 27th day of December 2010.
- for the words “Pakistan and Sri Lanka”, the words “Pakistan, Sri Lanka and
Republic of Maldives” shall be substituted and shall be deemed to have been
substituted with effect from 30th day of October, 2009.
(II) In the second column, under the heading “Manner of payment”, under Item
1(a), for the words “Asian Clearing Union dollar account”, wherever they occur ,
the words “ Asian Clearing Union dollar account and or Asian Clearing Union euro
account” shall be substituted and shall be deemed to have been substituted with
effect from 26th day of December 2008.
(III) after the first row, after Item(1), the following shall be inserted and
shall be deemed to have been inserted with effect from 27th day of December
2010.
| (1A) Nepal and Bhutan |
Payment in accordance with the provisions of
Notification No. FEMA 17/2000-RB,
dated May 3, 2000, as amended from time to time. |
| (1B) Islamic Republic of Iran |
(a) Payment for all eligible current transactions, in any permitted currency and
in accordance with the directions issued by the Reserve Bank to the authorized
dealers from time to time; and
(b) Payment in any permitted currency in all other cases. |
(IV) in the second row,
- In the first column, under the heading “Group”, under item (2), for the words,
figures and brackets, “(2) All countries other than those mentioned in (1)”, the
words, figures and brackets, “(2) All countries other than those mentioned in
(1), (!A) and (1B)” shall be substituted and shall be deemed to have been
substituted with effect from 27th day of December, 2010.
- In the second column, under the heading “Manner of payment”, under Item (2)(a),
for the words “Nepal or Bhutan”, the words "Nepal or Bhutan or Islamic Republic
of Iran” shall be substituted and shall be deemed to have been substituted with
effect from 27th day of December, 2010
(Rashmi Fauzdar)
Chief General Manager
Foot Note:
(i) @ It is clarified that no person would be adversely affected as a result of
the retrospective effect being given to these regulations.
(ii) The Principal Regulations were published in the Official Gazette vide
G.S.R. No. 397 (E) dated May 5, 2000 in Part II, Section 3, Sub-Section (i) and
subsequently amended vide:-
(a) G.S.R. No. 772 (E) dated September 29, 2003;
(b) G.S.R. No. 53 (E) dated February 2, 2005; and
(c) G.S.R. No.--------- dated _________________