Current account transactions are broadly permitted for trade, services and personal remittances but may face government restrictions. Current account transactions under the Foreign Exchange Management Act, 1999 allow any person to sell or draw foreign exchange to or from an authorised ... Summary
Current account transactions are broadly permitted for trade, services and personal remittances but may face government restrictions.
Current account transactions under the Foreign Exchange Management Act, 1999 allow any person to sell or draw foreign exchange to or from an authorised person for non capital transactions, including payments for trade, services, short term banking and credit, interest and investment income, and remittances for living, travel, education and medical expenses of close relatives abroad; the Central Government, in consultation with the Reserve Bank, may impose reasonable restrictions and has enacted the Foreign Exchange Management (Current Account Transactions) Rules, 2000 to regulate such transactions and prevent misuse.
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