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of <h1>RBI Eases Forex Rules: No Approval Needed for Trademark, Franchise Purchases in India under FEMA Sections 10(4), 11(1.</h1> The circular issued by the Reserve Bank of India (RBI) addresses the liberalization of current account transactions under the Foreign Exchange Management Act (FEMA), 1999. It informs Category-I Authorized Dealer Banks that prior approval from the Reserve Bank is no longer required for drawing foreign exchange for the purchase of trademarks or franchises in India. This change is reflected in the amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, specifically the omission of item 16 in Schedule III. Banks are instructed to inform their clients about this update, which is enacted under FEMA sections 10(4) and 11(1).
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