Foreign exchange remittance permissions expanded for miscellaneous current account transactions, allowing authorised dealers to permit specified cross border payments. The Reserve Bank permits remittance of foreign exchange for specified miscellaneous current account purposes and directs authorised dealers to implement Annexure provisions superseding parts of the Exchange Control Manual. Authorised dealers may allow remittances without prior Reserve Bank approval for items such as travel passes, overseas hotel reservations, prepaid telephone card sale proceeds, overseas TV subscriptions and eligible advertisement charges, subject to conditions on commission, travellers' entitlements and beneficiary residence, and may facilitate foreign currency payments between export units and for centrally authorised project bids.
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Foreign exchange remittance permissions expanded for miscellaneous current account transactions, allowing authorised dealers to permit specified cross border payments.
The Reserve Bank permits remittance of foreign exchange for specified miscellaneous current account purposes and directs authorised dealers to implement Annexure provisions superseding parts of the Exchange Control Manual. Authorised dealers may allow remittances without prior Reserve Bank approval for items such as travel passes, overseas hotel reservations, prepaid telephone card sale proceeds, overseas TV subscriptions and eligible advertisement charges, subject to conditions on commission, travellers' entitlements and beneficiary residence, and may facilitate foreign currency payments between export units and for centrally authorised project bids.
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