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of <h1>Foreign Exchange Transactions Restricted: Government Approval Required for Specific Payments with RFC Account Exception</h1> The statutory provision mandates that no person can draw foreign exchange for transactions listed in Schedule II without prior approval from the Government of India. An exception exists for payments made from Resident Foreign Currency (RFC) Account. This rule governs current account transactions under the Foreign Exchange Management (Current Account Transactions) Rules, 2000, regulating foreign exchange utilization and requiring governmental oversight for specific financial activities.
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