Notification/Circular No.: FEMA 14(R)(1)/2025-RB
Document Date: February 4, 2025
Applicable Act/Rule: Foreign Exchange Management Act, 1999 (42 of 1999)
Applicable Section/Rule: Regulation 3, Sub-regulation (2), Clause (I), Sub-clause (a)
Effective Date: The date of publication in the Official Gazette i.e. February 10, 2025
The Reserve Bank of India (RBI) has amended the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, through the Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2025.
This amendment pertains to the settlement of payments between residents of member countries of the Asian Clearing Union (ACU), excluding Nepal and Bhutan.
Key Changes:
This amendment aims to streamline cross-border transactions within the ACU member countries and ensure compliance with the Foreign Exchange Management Act, 1999.
Disclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article.