Release of foreign exchange for
Current Account Transactions Rules, 2000 - Release of
foreign exchange for advertisement in print media
Attention
of authorised dealers is drawn to paragraph 4 of Annexure I to A.D. (M.A.
Series) Circular No. 11, dated May 16, 2000, advising to provide exchange
facilities for transaction included in Schedule II to the Foreign Exchange
Management (Current Account Transactions) Rules, 2000, provided the applicant
has secured the approval from the Ministry/Department of Government of India
indicated against the transaction.
2. Government
of India has since amended the Foreign Exchange Management (Current Account
Transactions) Rules, 2000 vide its Notification No. GSR 663(E), dated 9th
August, 2000. Accordingly, in the Foreign Exchange Management (Current Account
Transactions) Rules, 2000 in Schedule II at Serial No. 2 the following may be
substituted.
|
“Advertisement abroad by any |
“Ministry of Finance, |
|
State Government or its PSU’s” |
Department of Economic Affairs” |
3. Authorised
dealers may bring the contents of this circular to the notice of their
constituents concerned.
4. The
directions contained in this circular have been issued under section 10(4) and
section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and any
contravention or non-observance thereof is subject to the penalties prescribed
under the Act.