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June 2010

A.P. (DIR Series) Circular No. 50, dated 4-5-2010 — Notification No. G.S.R. 382(E) dated 5-5-2010 — Foreign Exchange Management Act (FEMA), 1999 — Current Account Transactions — Liberalisation.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
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Part B : Indirect Taxes


Part C : RBI/FEMA

47 A.P. (DIR Series) Circular No. 50, dated 4-5-2010 —
Notification No. G.S.R. 382(E) dated 5-5-2010 — Foreign Exchange Management Act
(FEMA), 1999 — Current Account Transactions — Liberalisation.

This Circular states that the Government of India has omitted
item number 8 of Schedule II to the Foreign Exchange Management (Current Account
Transaction) Rules, 2000. As a result, foreign exchange can be withdrawn for
payment of royalty and lump sum payment under technical collaboration agreements
without prior approval of the Ministry of Commerce and Industries, Government of
India, irrespective of the amount involved.

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