Foreign Exchange Management (Mode of Payment & Reporting of Non-Debt Instruments) (Amendment) Regulations

Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2020

RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)

NOTIFICATION

Mumbai, the 15th June,2020

Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2020

No. FEMA. 395(1)/2020-RB.—In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments to the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 [Notification No. FEMA.395/2019-RB dated October 17, 2019] (hereinafter referred to as ‘the Principal Regulations) namely:-

1. Short Title & Commencement

(i) These Regulations may be called the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2020.

(ii) They shall come into force from the date of their publication in the Official Gazette.

2. Amendment to Regulation 3.1 of the Principal Regulations

In Regulation 3.1 of the Principal Regulations-

(i) The existing provision at Sl. No. II shall be substituted by the following, namely

(ii) The existing provision at para A (2) of Sl. No. VII shall be substituted by the following, namely:“Unless otherwise specified in these regulations or the relevant Schedules, the foreign currency account and SNRR account shall be used only and exclusively for transactions under this Schedule.”

(iii) The existing provision at Sl. No. VIII shall be substituted by the following, namely:

AJAY KUMAR, Regional Director, New Delhi
[ADVT.-III/4/Exty./72/2020-21]

Foot Note:
The Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019, (Notification No. FEMA 395/2019-RB dated October 17, 2019) was published in the Official Gazette vide G.S.R.No.795(E) dated 17.10.2019

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