GOI notifies Foreign Exchange Department Nomenclature and changes in FEMA - RBI - Reserve Bank of India
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Published on October 16, 2004
GOI notifies Foreign Exchange Department Nomenclature and changes in FEMA
RBI/2004-05/ 222 A.P.(DIR Series) Circular No.18 October 16, 2004 To Madam / Sirs, Foreign Exchange Management Act, 1999 - Amendments We advise that the nomenclature of the Exchange Control Department of the Reserve Bank of India was changed from ‘Exchange Control Department’ to ‘Foreign Exchange Department’ with effect from January 31, 2004. The Government of India has since published the Notification No.FEMA.123/2004-RB dated September 9, 2004, vide G.S.R.626(E) in the Official Gazette dated September 21, 2004 (copy enclosed), to notify the above change. 2.. Attention of Authorised Dealers is also invited to the A.P.(DIR Series) circular No.76 dated February 24, 2004, wherein it was mentioned that necessary amendment/s to the Foreign Exchange Management (Current Account Transactions) Rules, 2000 were being issued separately. The relevant amendments have since been issued by Reserve Bank and notified by the Government, in the Official Gazette, vide G.S.R.No.608(E) dated September 13, 2004 (copy enclosed). 3. Authorised Dealers may bring the contents of this circular to the notice of their constituents and customers concerned. 4. The direction contained in this circular has 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,
Grace Koshie
The Gazette of India ================================================================ No.399 NEW DELHI, MONDAY, SEPTEMBER 13, 2004 ================================================================ MINISTRY OF FINANCE G.S.R.608(E).-- In exercise of the powers conferred by sub-section (1) and clause (a) of sub-section (2) of section 46 read with proviso to section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in consultation with the Reserve Bank, the Central Government, having considered it necessary in the public interest, hereby makes the following amendments in the Foreign Exchange Management (Current Account Transactions) Rules, 2000, namely :- 1. (1) These rules may be called the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2004. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Foreign Exchange Management (Current Account Transactions) Rules, 2000, (a) in Schedule II,
(b) in Schedule III,
[No.F.1/2/EM/2004] U.K. SINHA, Jt.Secy. Note :- The principal rules were published in the Gazette of India, Extraordinary Part II, section 3(i) vide number G.S.R.381(E), dated the 3rd May 2000 and subsequently amended last vide G.S.R.731(E) dated the 5th September 2003. The Gazette of India EXTRAORDINARY ================================================================ No.412 NEW DELHI, TUESDAY, SEPTEMBER 21, 2004 ================================================================ MINISTRY OF FINANCE G.S.R.626(E).-- In exercise of the powers conferred by clause (h) of sub-section (2) of 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and pursuant to change of nomenclature of Exchange Control Department of Reserve Bank of India from 'Exchange Control Department' to 'Foreign Exchange Department', the Reserve Bank hereby notifies that with effect from January 31, 2004, the words 'Exchange Control Department' and 'ECD' appearing in the Regulations notified from time to time by Reserve Bank of India, shall be read as 'Foreign Exchange Department' and 'FED', respectively. [No.1/23/EM/2000-Vol.III] SHYAMALA GOPINATH, Executive Director
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