Amendments to FEMA (Manner of Receipt and Payment) Regulations

[RBI Notification No. FEMA.357/2015-RB dated 7^th December 2015]

Sub: Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2015

In exercise of the powers conferred by 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 3rd May, 2000, Reserve Bank of India makes the following amendments to Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000 namely;

1. Short title and commencement

i. These Regulations may be called the Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2015.

ii. They shall come into force on the date of their publication in the official Gazette.

2. Amendment to the Regulations

In the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000, in the Regulation 5, after sub-regulation (2) (b) following shall be added at (c), namely:

‘Any other mode of payment in accordance with the directions issued by the Reserve Bank of India to authorised dealers from time to time.’