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of <h1>Consultancy remittances over USD 100,000 per project from EEFC accounts governed by Rule 6(2); RBI approval not required</h1> Clarification that remittances exceeding USD 100,000 per project for consultancy services procured from outside India, which previously required prior Reserve Bank approval even when paid from Exchange Earners' Foreign Currency (EEFC) accounts, are governed by Rule 6(2) of Government Notification S.O.301(E) dated March 30, 2001; accordingly, prior approval of the RBI is not required where such remittances are made out of funds held in EEFC accounts, resulting in the operative effect that authorized dealers may permit payment of such consultancy fees from EEFC balances without seeking prior RBI approval.
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