Reetu | May 17, 2023 |
International Credit Card transactions now governed by FEMA Restrictions: MOF omits rule 7
The Ministry of Finance has notified that International Credit Card transactions now governed by FEMA Restrictions and Rule 7 in the Foreign Exchange Management Rules 2000 shall be omitted via issuing Notification.
The Notification Stated, “In exercise of the powers conferred by section 5 and sub-section (1), clause (a) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in consultation with the Reserve Bank of India, the Central Government having considered it necessary in the public interest, makes the following amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000.”
These rules may be called the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023. They shall come into force on the date of their publication in the Official Gazette.
In the Foreign Exchange Management (Current Account Transactions) Rules, 2000, rule 7 shall be omitted
For Official Notification Download PDF Given Below:
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