Remittances in Foregin Exchange (Immunities) Scheme 1991

 
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GSR NO. 594(E), DATED 21-9-1991

In exercise of the powers conferred by clause (a) of sub-section (1) of section 3 of the Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991 (41 of 1991), the Reserve Bank of India hereby specifies, the following Scheme, namely:--

1. Short title and commencement.

(1) This Scheme may be called the Remittances in Foreign Exchange (Immu­nities) Scheme, 1991.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. Definitions.

In this Scheme, unless the context otherwise requires,--

(a) "Act" means the Remittances of Foreign Exchange arid Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991 (41 of 1991);

(b) "Form" means a Form appended to the Scheme;

(c) all other words and expressions used herein but not defined and defined in the Act or in the Foreign Exchange Regulation Act, 1973 shall have the meanings respectively assigned to them in those Acts.

3. Issue of certificate of remittances.

(a) The recipient of a remittance in foreign exchange, desirous of claiming immunity under sub-section (1) of section 3 of the Act, shall, not later than 29th February, 1992, file a declaration in the Form with the authorised dealer through whom the remittance is received.

(b) The authorised dealer before whom the declaration is filed, shall, after realising the proceeds of the remittance, return the second copy of the dcclaration to the recipient, which shall be duly authenticated by the authorised dealer by his signature (with date and seal) and the following superscription--

ISSUED UNDER THE REMITTANCES IN FOREIGN EXCHANGE (IMMUNITIES) SCHEME, 1991 (NOT VALID FOR REFUND OR RECONVERSION PURPOSE).

(c) The authorised dealer shall retain the first copy of the declaration with him and shall forward the third copy to the Controller of Exchange, Exchange Control Department, Reserve Bank of India, Central Office, Bombay.

Declaration under the Remittances in...

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