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The Reserve Bank of India amends the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 to include Special Non-Resident Rupee accounts for trade transactions. A person resident in India receives payment or makes payment using an SNRR account maintained by an overseas buyer or seller with an Authorised Dealer or an Authorised Bank in India. The resident ensures that the underlying transactions conform to the Foreign Exchange Management Act, 1999 and related rules, regulations, and directions.
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RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI 400 001
Notification No. FEMA 14(R)/(1)/2019-RB
November 13, 2019
Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2019
In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendment in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 (Notification No. FEMA 14 (R)/2016-RB dated May 02, 2016) (hereinafter referred to as 'the Principal Regulations'), namely:-
(Ajay Kumar Misra) Chief General Manager -in-Charge
Foot Note: The Principal Regulations were published in the Official Gazette vide No. G.S.R. 480(E) dated May 3, 2016 and subsequently amended as under No. FEMA 14(R)/(1)/2019-RB dated November 13, 2019
