Foreign Exchange Management (Manner of Receipt & Payment) (Second Amendment) Regulations, 2014 - 318/RB-2014 - Foreign Exchange Management

RESERVE BANK OF INDIA (Foreign Exchange Department) (Central Office) NOTIFICATION NO. FEMA. 318/RB-2014 Mumbai, the 04 September, 2014 GSR 931(E) - In exercise of the powers conferred by clause ( i ) of sub-section 6, sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notification No.FEMA.14/2000-RB, dated May 3, 2000 , Reserve Bank of India makes the following amendment in the Foreign Exchange Management (Manner of Receipt Payment) Regulations, 2000 , as amended from time to time, namely: 1. Short title and commencement (i) These Regulations may be called the Foreign Exchange Management (Manner of Receipt Payment) (Second Amendment) Regulations, 2014. (ii) They shall be deemed to have come into force from November 8, 2013. 2. Amendments to the Regulations 1. In Regulation 3 , after sub regulation (3), the following should be added, namely: (4) Authorized Dealer Category-1 (AD Category-1) banks have been permitted to allow payments for export of goods/software to be received from a Third party (a party other than the buyer) provided, the details of the Third party through which the export proceeds are being realized, have been duly declared by the exporter in the appropriate export declaration form and certain other conditions as stipulated by Reserve Bank of India. 2. In Regulation 5 , after sub regulation (2), the following should be added, namely: (3) Authorized Dealer Category-1 (AD Category-1) banks have been permitted to allow payments to be made for import of goods/software to a Third party (a party other than the supplier) subject to conditions as stipulated by Reserve Bank of India. C. D. SRINIVASAN, Chief General Manager