Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023 amends Foreign Exchange Management (Current Account Transactions) Rules, 2000, under the Foreign Exchange Management Act, 1999.
Title and Commencement: The amendment is titled the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023. It states that the rules come into force on the date of their publication in the Official Gazette, which is the 16th of May, 2023.
Objective and Authority: The notification states that the amendment is made by the Central Government under the powers conferred by section 5 and sub-section (1), clause (a) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999. It further mentions that the amendment is made in consultation with the Reserve Bank of India (RBI) and is considered necessary in the public interest.
Amendment: The amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, specifically focuses on the omission of rule 7. The exact content of rule 7 is not provided in the notification, so further reference to the original rules is required to understand the impact of its omission.
References: The notification includes a note mentioning the publication of the principal rules in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. 381(E) on the 3rd of May, 2000. It also lists various previous notifications that have amended the principal rules over the years.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 16th May, 2023
G.S.R. 369(E).—In exercise of the powers conferred by section 5 and sub-section (1), clause (a) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in consultation with the Reserve Bank of India, the Central Government having considered it necessary in the public interest, makes the following amendment to 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, 2023.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Foreign Exchange Management (Current Account Transactions) Rules, 2000, rule 7 shall be omitted.
[F. No. 1/5/2023-EM]
SURBHI JAIN, Jt. Secy. (Financial Market)
Note: The principal rules were published in Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. 381(E), dated the 3rd May, 2000 and subsequently amended vide notification numbers –
| (i) | G.S.R.663(E), dt 09-08-2000; |
| (ii) | S.O.301(E) dt 30-03-2001; |
| (iii) | G.S.R.831(E), dt 17-12-2002; |
| (iv) | G.S.R.33(E), dt 15-01-2003; |
| (v) | G.S.R.397(E), dt 01-05-2003; |
| (vi) | G.S.R.731(E), dt 05-09-2003; |
| (vii) | G.S.R.849(E), dt 27-10-2003; |
| (viii) | G.S.R.608(E), dt 13-09-2004; |
| (ix) | G.S.R.512(E), dt 27-07-2005; |
| (x) | G.S.R.412(E), dt 10-07-2006; |
| (xi) | G.S.R.349(E), dt 22-05-2009; |
| (xii) | G.S.R.382(E), dt 05-05-2010; and |
| (xiii) | G.S.R.426(E), dt 26-05-2015. |
