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of <h1>Foreign Exchange Drawals: Regulated Transactions Require RBI Approval with Specific RFC Account Exemptions Under Rule 3</h1> The statutory provision governs foreign exchange drawals under the Foreign Exchange Management (Current Account Transactions) Rules, 2000. It requires prior approval from the Reserve Bank for transactions listed in Schedule III, with an exception for payments made from Resident Foreign Currency (RFC) Account funds. The rule ensures regulated and controlled foreign exchange transactions while providing specific exemptions for certain account-based transfers.
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