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of <h1>RBI Amends Foreign Exchange Rules: Schedule II Now Allows Foreign Exchange for Overseas Ads by Government Bodies.</h1> The Reserve Bank of India issued a circular to authorized foreign exchange dealers regarding an amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000. The amendment, effective from August 9, 2000, modifies Schedule II, Serial No. 2, allowing the release of foreign exchange for advertisements abroad by the Ministry of Finance, State Governments, or their Public Sector Undertakings. Dealers are instructed to inform relevant parties of these changes. The circular is issued under the Foreign Exchange Management Act, 1999, with penalties for non-compliance.
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