Prior government approval for specified foreign remittances governs cultural, transport, media, sports, and insurance-related current account payments. Specified current-account remittances require prior Central Government approval under a purpose-specific framework. Covered transactions include cultural ... Summary
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Prior government approval for specified foreign remittances governs cultural, transport, media, sports, and insurance-related current account payments.
Specified current-account remittances require prior Central Government approval under a purpose-specific framework. Covered transactions include cultural tours, designated foreign-print-media advertising, vessel freight, certain ocean-transport import payments, transponder hiring charges, excess container detention charges, specified overseas sports sponsorship or prize-money remittances, and protection and indemnity club membership. Multi-modal transport operators remitting funds to overseas agents must hold a registration certificate from the Director General of Shipping. Approval responsibility is assigned to the relevant Ministry or Department according to the transaction category.
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