Central Government amends FEMA Current Account Transaction Rules adding ocean transport specification for import payments

The Central Government amended the Foreign Exchange Management (Current Account Transaction) Rules 2000 under the Foreign Exchange Management Act, 1999. The amendment, effective from publication date, modified Schedule II by inserting "through ocean transport" after "Payment of import" in item 4 under the "Purpose of Remittance" heading. This Fourth Amendment Rules 2003 was issued by the Ministry of Finance's Department of Economic Affairs in consultation with the Reserve Bank, exercising powers under Sections 5 and 46 of FEMA 1999, considering it necessary in public interest.

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