Amendment in the FEMA (current Account Transanctions) Rules
Amendment in the Foreign Exchange Management (FEMA) (current Account Transanctions) Rules, 2000
G.S.R. 472(E).—In exercise of the powers conferred by section 5 and sub-section (1) and clause (a) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in consultation with Reserve Bank of India, the Central Government having considered it necessary in the public interest hereby amends the Foreign Exchange Management (Current Account Transactions) Rules, 2000, with effect from the 16th May, 2023, namely:-
- In the Foreign Exchange Management (Current Account Transactions) Rules, 2000 after rule 6, the following rule shall be inserted and shall be deemed to have been inserted with effect from the 16th day of May, 2023 namely: –
“7. Use of International Credit Card while outside India.— Nothing contained in rule 5 shall apply to the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India.”
Explanatory Memorandum
Note : It is certified that by giving retrospective effect to the present notification, no one will be adversely affected.
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;
(xiii) G.S.R. 426(E), dt 26-05-2015; and
(xiv) G.S.R. 369(E), dt 16-05-2023
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