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of <h1>Foreign Exchange Control: Strict Limits on International Money Transfers Without Reserve Bank's Explicit Authorization Under FEMA Section 3</h1> The Foreign Exchange Management Act (FEMA) Section 3 restricts foreign exchange transactions without Reserve Bank authorization. Specifically, individuals are prohibited from: transferring foreign exchange to unauthorized persons, making payments to non-resident entities, receiving payments from outside India through unauthorized channels, and entering financial transactions related to acquiring assets abroad. The provision aims to regulate and control foreign exchange dealings, ensuring transactions are conducted through authorized channels and with proper oversight.
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