August 27, 2008

NOTIFICATION NO. G. S. R. 613(E)

In exercise of the powers conferred by section 46 read with sub-section (1) of section 15 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby makes the following rules further to amend the Foreign Exchange (Compounding Proceedings) Rules, 2000, namely:—

1. Short title and commencement :—(1) These rules may be called the Foreign Exchange (Compounding Proceedings) (Amendment) Rules, 2008.

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

2. Amendment of the rule 4.—In the Foreign Exchange (Compounding Proceedings) Rules, 2000, in rule 4 in sub-rule (1),—

(i) in clause (a), for the words "five lakhs", the words "ten lakhs’ shall be substituted;

(ii) in clause (b), for the words "five lakhs" and "twenty lakhs", the words "ten lakhs" and "forty lakhs" shall respectively be substituted;

(iii) in clause (c), for the words "twenty lakhs" and "fifty lakhs", the words "forty lakhs" and "hundred lakhs" shall respectively be substituted; and

(iv) in clause (d), for the words "fifty lakhs", the words "one hundred lakhs" shall be substituted.

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