Foreign exchange remittances for individuals operate under annual limits, with approval required for excess and specified corporate payments. Schedule III permits individuals to access foreign exchange for specified current-account purposes within the Liberalised Remittance Scheme limit, while ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Foreign exchange remittances for individuals operate under annual limits, with approval required for excess and specified corporate payments.
Schedule III permits individuals to access foreign exchange for specified current-account purposes within the Liberalised Remittance Scheme limit, while excess remittances require prior approval of the Reserve Bank of India. Higher amounts may be available for emigration, medical treatment, and overseas studies where required by the relevant country, institution, or university. Amounts remitted under the Liberalised Remittance Scheme reduce the available annual limit. Specified remittances by persons other than individuals, including certain donations, overseas sales commissions, consultancy payments, and pre-incorporation expense reimbursements, require prior approval.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.