Amendments were made to Foreign Exchange Management (Current Account Transaction) Rules 2000 pertaining to provisions relating to 'Purpose of Remittance' in Schedule II. The amendments were made effective from 29 October 2003 - G.S.R. 849(E) - Foreign Exchange Management
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Purpose of Remittance amendment limits remittance purpose to payments for imports via ocean transport, altering remittance scope. Amendment adds the words 'through ocean transport' after 'Payment of import' in item 4 of Schedule II to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, thereby limiting that purpose of remittance to import payments effected via sea transport; enacted by the Central Government under FEMA following consultation with the monetary authority and effective on publication in the Official Gazette.
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Provisions expressly mentioned in the judgment/order text.
Purpose of Remittance amendment limits remittance purpose to payments for imports via ocean transport, altering remittance scope.
Amendment adds the words "through ocean transport" after "Payment of import" in item 4 of Schedule II to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, thereby limiting that purpose of remittance to import payments effected via sea transport; enacted by the Central Government under FEMA following consultation with the monetary authority and effective on publication in the Official Gazette.
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