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of <h1>Government Amends Foreign Exchange Management Rules, 2000; Removes Item 16 from Schedule III, Effective Upon Gazette Publication.</h1> The Central Government, exercising its authority under the Foreign Exchange Management Act, 1999, and in consultation with the Reserve Bank of India, has issued an amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000. This amendment, titled the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2006, will take effect upon its publication in the Official Gazette. The amendment involves the omission of item number 16 and its corresponding entry from Schedule III of the 2000 rules.
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