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of <h1>RBI Renames Exchange Control Department and Amends Foreign Exchange Management Rules; Dealers Must Inform Customers.</h1> The circular informs authorized dealers in foreign exchange about amendments to the Foreign Exchange Management Act, 1999. The Exchange Control Department of the Reserve Bank of India was renamed the Foreign Exchange Department effective January 31, 2004. The Government of India published this change in the Official Gazette. Additionally, amendments to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, have been issued and notified. Authorized dealers are instructed to inform their constituents and customers of these changes. The directions are issued under specific sections of the Foreign Exchange Management Act, 1999, and do not affect other legal permissions or approvals.
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