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Dated: 01.07.23

 

Dept of Economic Affairs Amends Foreign Exchange Management (Current Account Transactions) Rules, 2000

 

The Department of Economic Affairs, under the Finance Ministry, has made amendments to the Foreign Exchange Management (Current Account Transactions) Rules, 2000.

These amendments were made in accordance with the powers granted 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). The Central Government, in consultation with the Reserve Bank of India, has deemed it necessary to amend these rules in the interest of the public. The amended rules came into effect on May 16, 2023.

One of the key amendment states that the use of an International Credit Card for expenses incurred by individuals while they are outside India is exempted from the provisions of rule 5. This change is particularly significant for individuals holding International Credit Cards as it facilitates their ability to make payments while visiting other countries.

It has been ensured that the retrospective effect of this notification will not adversely affect anyone. The original rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) under G.S.R. 381(E) on May 3, 2000, and have been subsequently amended through notifications.

Source: DEA, Min of Finance

 

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