MANU/RFEM/0006/2000

Department / Board :RBI-Exchange Control Department

Notification No :FEMA 14/2000

Date : 03.05.2000

Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000.

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 regulations in respect of the manner of receipt and payment in foreign exchange, namely:

1. Short title and commencement :-

i) These Regulations may be called the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000.

ii) They shall come into effect on 1st day of June, 2000.

2. Definitions :-

In these Regulations, unless the context requires otherwise, -

(i) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999) ;

(ii) 'authorised dealer' means a person authorised as an authorised dealer under subsection (1) of Section 10 of the Act ;

(iii) 'authorised bank' means a bank, other than an authorised dealer, authorised by the Reserve Bank to accept deposits from persons resident outside India ;

(iv) 'FCNR/NRE account' means an FCNR or NRE account opened and maintained in accordance with the Foreign Exchange Management (Deposits) Regulations, 2000 ;

(v) 'Permitted currency' means a foreign currency which is freely convertible;

(vi) the words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act.

3. Manner of Receipt in Foreign Exchange :-