Foreign exchange drawals for Schedule III transactions remain subject to applicable approval conditions, excluding payments from Resident Foreign Currency Accounts.

Foreign exchange drawals for transactions included in Schedule III are governed by the conditions specified in that Schedule. Payments made from funds held in the remitter's Resident Foreign Currency Account are excluded from this approval framework. The operative provision was recast from a blanket prohibition on Schedule III drawals without prior Reserve Bank approval to a framework under which each drawal is governed by the applicable Schedule III requirements.

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