Prior approval requirement for foreign exchange drawals governs specified schedule transactions, exempting payments from resident foreign currency accounts. A statutory requirement mandates prior approval of the Reserve Bank for drawal of foreign exchange in respect of transactions included in the specified schedule, with each drawal governed by the conditions applicable to those scheduled transactions; the prior approval requirement does not apply where payment is made out of funds held in a remitter's Resident Foreign Currency (RFC) account.
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.
Provisions expressly mentioned in the judgment/order text.
Prior approval requirement for foreign exchange drawals governs specified schedule transactions, exempting payments from resident foreign currency accounts.
A statutory requirement mandates prior approval of the Reserve Bank for drawal of foreign exchange in respect of transactions included in the specified schedule, with each drawal governed by the conditions applicable to those scheduled transactions; the prior approval requirement does not apply where payment is made out of funds held in a remitter's Resident Foreign Currency (RFC) account.
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