$ 1million Foreign Remittance per project w/o RBI approval is PER PAYEE or not

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Hi all, I have a minor confusion.

RBI approval required for Remittances exceeding US$ 10,000,000 per project for any consultancy services in respect of infrastructure projects and US$ 1,000,000 per project, for other consultancy

services procured from outside India.

 

My silly question is, limit is PER PAYEE or for all payee's taken together.

 

thanks in advance.

 

Pawan Sehrawat

AI Summary

RBI Approval Clarified: $1 Million Remittance Limit Applies Per Project, Not Per Payee, for Consultancy Services. A query was raised regarding whether the Reserve Bank of India's approval is needed for foreign remittances exceeding $1,000,000 per project for consultancy services, specifically questioning if this limit applies per payee or collectively for all payees. The response clarified that the limit is related to each project, not per individual payee.