Friday, 27 June 2014

CQ-MIB advises broadcasters and teleport ops to take prior approval before making forex payment

The ministry of Information and Broadcasting has advised all broadcast companies and teleport operators to take prior approval of the ministry for making payments in foreign exchange towards hiring of transponders of foreign satellites.
Any proposal seeking approval of the MIB should be submitted to the ministry at least 30 days in advance, i.e. date before which the payment is due, the advisory stated. 
The advisory was issued after it came to the ministry’s notice that some broadcast companies and teleport operators did not take the prior approval of the ministry for remittance of hiring charges in foreign exchange. 
“It has come to the notice of the Ministry that some Broadcast Companies and Teleport Operators have obtained permission for services of foreign satellite however, these entities have not taken the prior approval of the Ministry of I & B for remittance of hiring charges in foreign exchange which is mandatory as per the gazette notification ofthe Ministry of Finance, Department of Economic Affairs dated 14-09-13 where the Ministry of I&B is the administrative Ministry for granting permission to remittance of Forex for hiring charges of transponders on foreign satellites by TV channels/ Teleports”, the advisory read.
The advisory also pointed out that as per Reserve Bank of India rules the remittance of hiring charges of transponders by TV channels would require prior approval of the ministry. 
The ministry affirmed that the MIB is the administrative authority for granting permission to remittance of forex for hiring charges of transponders on foreign satellites by TV channels and teleports. 
“Through this advisory, the ministry reiterates the need and importance for seeking prior approval of the Ministry of Information and Broadcasting for making payments in foreign exchange towards hiring of transponders of foreign satellites and complying with the existing provisions of the Reserve Bank of India in this regard,” the advisory read. 
“In view of the foregoing all broadcast companies and teleport operators are hereby advised to strictly follow the guidelines under the provisions of the FEMA Act 1999 as enunciated by the RBI,” added the advisory.
Source: http://cablequest.org/news/government-news/item/5331-cq-mib-advises-broadcasters-and-teleport-ops-to-take-prior-approval-before-making-forex-payment.html
Source: http://cablequest.org/news/government-news/item/5331-cq-mib-advises-broadcasters-and-teleport-ops-to-take-prior-approval-before-making-forex-payment.html

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