Foreign exchange management regulations 2000 pdf

Search inside document. Accordingly except as provided in terms of the act, or with the general or special permission of the Reserve Bank , no person shall : deal in any foreign exchange or foreign security with any person other than an authorized person.

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Form Number. Please see 'Notes to Exporter's overleaf. Name of the Post Office Number and date of Parcel Receipt Exporter's Name……………… Country of destination Date of despatch. Description of goods Quantity of goods : Unit Currency of Invoice Where the full export. Analysis of export value. Full Export value. No application for Permission. W Discount Rate Reserve Bank or. W Agency Commission. For Custom Use.

Customs Assessable Value. Export Value verified. If the export is made under general permission of the Reserve Bank of India, number and date of its approval Name and address of Bank through whom payment is to be received For A. Bank's Uniform Code No. This form sh ould not be pasted on the Parcel.

The PP form procedure applies to postal exports to all territories outside India excluding Nepal and Bhutan. The PP form sh ould be completed in duplicate in all cases.

The Original sh ould be sub mitted by the exporter to the Post Office after having it countersigned by an authorised dealer in foreign exchange. The Post Office through which the goods have been despatched will forward the Original to the nearest office of Reserve Bank of India.

All documents relating to export of goods from India must be passed through the medium of an authorised dealer in foreign exchange in India within 21 days of the date of sh ipment of the goods. The amount representing the full export value of goods must be realised within [46] [twelve months] from the date of sh ipment.

Methods of payment specified in the individual arrangements will have to be followed in such cases.

Exporter's Name Date of despatch Note: All documents relating to export of goods from India must be passed through the medium of an authorised dealer in foreign exchange in India within 21 days of the date of sh ipment of the goods. For Authorised Dealer's Use. In the name of [61]. Held with [62]. Please ensure that the columns on the face of the PP form have been completed by the exporter and that they have been. On receipt of the full export value of the sh ipment declared on this form, the authorised dealer will forward to the Reserve Bank this duplicate copy of the form together with a copy of the Customs certified Sh ipper's Invoice, duly certified.

In respect of sh ipments made on consignment basis, the Account Sales received from the consignee in original in support of the proceeds actually realised sh ould also be forwarded alongwith this copy of the form. In case the net amount received falls sh ort of the full export value declared on the form for reasons other than deduction of bank charges, please indicate the authority conferred on the authorised dealers by Reserve Bank in terms of the directions issued in this regard or the Reserve Bank of India's approval number and date for reduction.

Form No : AB. Name and Address of the exporter. STPI Centre within whose jurisdiction the unit is situated. Import-Export Code Number. Category of exporter :. Buyer's name and address including country and their relationship with exporting unit if any. Date and Number of Invoice. Repayment shall be made either by adjustment of the deposit or by fresh inward remittances from outside India through normal banking channels.

The loan can also be repaid out of local rupee resources in the NRO account of the borrower. The interest on such loans shall be in accordance with directives issued by Reserve Bank from time to time ;. The loan should not be utilised for relending.

NRE accounts should be redesignated as resident accounts or the funds held in these accounts may be transferred to the RFC accounts if the account holder is eligible for maintaining RFC account at the option of the account holder immediately upon the return of the account holder to India for taking up employment or for carrying on business or vocation or for any other purpose indicating intention to stay in India for an uncertain period.

Where the account holder is only on a short visit to India, the account may continue to be treated as NRE account even during his stay in India. Opening of these accounts by a non-resident jointly with a resident is also permissible. Opening of these accounts by non-resident may be permitted jointly with the resident close relative s on 'former or survivor' basis. However, the said resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with the extant instructions during the life time of the NRI account holder.

Explanation - For the purpose of this regulation, 'close relative' means relative as defined in section 6 of the Companies Act, The resident Power of Attorney holder shall not, however, be allowed to repatriate outside India funds held in the account under any circumstances or make payment by way of gift to a resident on behalf of the account holder or transfer funds from the account to another NRE account.

Likewise balances held in such accounts are exempt from wealth tax. Such a swap may also be done between two designated currencies. Operations by power of attorney. The resident power of attorney holder shall not repatriate outside India funds held in the account under any circumstances other than to the non-resident individual account holder himself nor shall make payment by way of gift to a resident on behalf on the non-resident account holder or transfer funds from the account to another NRO account.

Any remittance outside India shall be within the ceiling as may be prescribed by the Bank from time to time and subject to tax compliance. Where the account holder is only on a temporary visit to India, the account should continue to be treated as non-resident during such visit. Accounts should be opened in Indian rupees out of the funds remitted from outside India through normal banking channels in freely convertible currency.

A company incorporated in India including a non-banking finance company registered with the Reserve Bank may accept deposits from NRIs, on repatriation basis subject to the following conditions In other cases the rate of interest payable on deposits shall not exceed the ceiling rate prescribed from time to time under the Companies Acceptance of Deposit Rules, Permitted credits. Permitted debits. Thursday, 13, Jan, Search Now. Category SideBar. Foreign Exchange Management Deposit Regulations, Restrictions on deposits between a person resident in India and a person resident outside India.

Acceptance of deposits by authorised dealer with the prior approval of Reserve Bank. Types of accounts.