What changed
RBI reviewed all FEMA circulars issued since June 1, 2000, and identified those that have ceased to be operative. These circulars are now formally withdrawn. The list of withdrawn circulars is provided in an annex to the notification.
What it means for you
The circular withdraws certain FEMA circulars that have ceased to be operative; it does not introduce any new FEMA requirements.
What you must do
- Bring the contents of this circular to the notice of your constituents as directed by the RBI.
Who it affects
All Authorised Persons as defined under FEMA.
Does this circular impose any new FEMA requirements?
No. The circular only withdraws obsolete FEMA circulars and does not create new requirements.
Where can I find the list of withdrawn circulars?
The list is provided in the annex to the notification.
Do I need to take any action if my bank was relying on a withdrawn circular?
You should inform your constituents as directed; the notification does not prescribe additional actions.