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of <h1>RBI Issues Regulations for Foreign Exchange Transactions under Section 47 of FEMA 1999, Effective May 2000.</h1> The Reserve Bank of India, under the authority of Section 47 of the Foreign Exchange Management Act, 1999, has issued the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000. This notification, published in the Official Gazette on May 5, 2000, outlines the procedures for the receipt and payment of foreign exchange. The regulations are part of the broader framework established by the Foreign Exchange Management Act to govern foreign exchange transactions in India.
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