Current Account Transactions - Liberalisation

A.P. (DIR Series) (2003-2004) Circular No. 33, dated 13-11-2003

Attention of Authorised Dealers is invited to A.P. (DIR Series) Circular No. 3 dated July 17, 2003 permitting them to allow remittances upto USD 100,000 each for various purposes viz., (i) employment abroad (ii) emigration (iii) maintenance of close relatives abroad and (iv) education abroad. Authorised Dealers were also permitted to allow remittance upto USD 1 million per project, towards consultancy services procured from outside India subject to the applicant furnishing documents to the Authorised Dealer’s satisfaction. The necessary amendments to the Foreign Exchange Management (Current Account Transactions) Rules, 2000 have since been notified by the Government, in the Official Gazette, vide Notification No. G.S.R. 731(E) dated September 5, 2003.

2. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned.

3. 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).