Master Circular: authorised dealers may permit resident remittances under FEMA rules, including a USD 200,000 liberalised annual limit. Authorised Dealers may permit residents to draw and remit foreign exchange under Section 5 FEMA and the FEM (Current Account Transactions) Rules, 2000, subject to prohibitions in Schedule I, prior approvals for Schedule II items and Reserve Bank approval for specified Schedule III limits; ADs may rely on self declaration for specified transactions (including medical treatment and certain travel/education/emigration purposes), implement the Liberalised Remittance Scheme of USD 200,000 per financial year for resident individuals with PAN and due diligence, accept specified forms of payment and cards for permissible transactions, and must retain records, ensure KYC/AML compliance and report or refuse transactions that appear designed to contravene FEMA.
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.
Master Circular: authorised dealers may permit resident remittances under FEMA rules, including a USD 200,000 liberalised annual limit.
Authorised Dealers may permit residents to draw and remit foreign exchange under Section 5 FEMA and the FEM (Current Account Transactions) Rules, 2000, subject to prohibitions in Schedule I, prior approvals for Schedule II items and Reserve Bank approval for specified Schedule III limits; ADs may rely on self declaration for specified transactions (including medical treatment and certain travel/education/emigration purposes), implement the Liberalised Remittance Scheme of USD 200,000 per financial year for resident individuals with PAN and due diligence, accept specified forms of payment and cards for permissible transactions, and must retain records, ensure KYC/AML compliance and report or refuse transactions that appear designed to contravene FEMA.
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