Date: |
03-05-2000
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Notification No: |
FEMA Notification No 17/2000
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Issuing Authority: |
RBI
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Type: |
Notification
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File No: |
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Subject: |
Transactions in India rupees with residents of Nepal and Bhutan
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Transactions in India rupees with residents of Nepal and Bhutan
Notification
No. 17 dated 3rd May 2000
G.S.R.
404(E), dated 3.5.2000- In exercise of the powers conferred by section
3 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve
Bank hereby directs that the prohibitions imposed by clauses (b), (c) and (d) of
that section shall not apply to any transaction entered into in Indian rupees by
or with:
(i)
a person who is a citizen of India, Nepal or Bhutan resident in Nepal or
Bhutan;
(ii)
a branch situated in Nepal of Bhutan or any business carried on by a
company or a corporation incorporated under any law in force in India, Nepal or
Bhutan;
(iii)
a branch situated in Nepal or Bhutan of any business carried on as a
partnership firm or otherwise, by a citizen of India, Nepal or Bhutan.
They
shall come into effect on the 1st day of June 2000.
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