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Reserve Bank of India

In exercise of the powers conferred by section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the following amendment in the Foreign Exchange Management

Issue Date: 10 February 2025 Published: 11 February 2025
Gazette ID: CG-MH-E-11022025-260886 Download PDF
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Core Purpose

Amends foreign exchange management regulations concerning payment methods for ACU member countries other than Nepal and Bhutan.

Detailed Summary

The Reserve Bank of India notification amends the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, specifically Notification No. FEMA 14(R)/2023-RB. Issued under Section 47 of the Foreign Exchange Management Act, 1999, the amendment revises Regulation 3(2)(I)(a)(ii) regarding payments involving Asian Clearing Union (ACU) member countries. Key changes stipulate that payments between residents of ACU member countries, excluding Nepal and Bhutan, must be processed through the ACU mechanism or as directed by the RBI to authorized dealers. For transactions outside this scope, existing regulations under item (iii) remain applicable. The amendment is effective from the date of publication in the Official Gazette.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-MH-E-11022025-260886 EXTRAORDINARY PART III-Section 4 PUBLISHED BY AUTHORITY No. 103] NEW DELHI, MONDAY, FEBRUARY 10, 2025/MAGHA 21, 1946 RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 4th February, 2025 Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2025 No. FEMA 14(R)(1)/2025-RB—In exercise of the powers conferred by section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the following amendment in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 (Notification No. FEMA 14 (R)/2023-RB dated December 20, 2023) (hereinafter referred to as 'the Principal Regulations'), namely:- 1. Short title and commencement: (i) These regulations shall be called the Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2025. (ii) They shall come into force with effect from the date of their publication in the Official Gazette. 2. Amendment to Regulation 3: In the Principal Regulations, in regulation 3, in sub-regulation (2), in clause (I), in sub-clause (a), for the item (ii) along with its proviso, the following shall be substituted, namely: - "(ii) Member countries of ACU, other than Nepal and Bhutan – In respect of payments from a resident in the territory of one participant country to a resident in the territory of another participant country, through ACU mechanism, or as per the directions issued by the Reserve Bank to authorised dealers from time to time. For all other transactions, receipt and payment may be made in a manner as specified at (iii) below." Dr. ADITYA GAIHA, Chief General Manager-in-Charge [ADVT.-III/4/Exty./960/2024-25] Foot Note: The Principal Regulations were published in the Official Gazette vide Notification No. FEMA 14(R)/2023-RB dated December 20, 2023 (published on December 21, 2023) in Part III, Section 4

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