Para 5.4 of AP DIR Circular 106 dated June 01, 2015 states that the applicants should have maintained the bank account with the bank for a minimum period of one year prior to the remittance for capital account transactions. Whether this restriction applies to current account transactions?
Liberalised Remittance Scheme - As on Apr 06, 2023
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Remittance for current account transactions exempt from one-year bank account rule; FFMCs must ensure KYC and AML compliance. The one year bank account maintenance requirement in para 5.4 is confined to capital account transactions and does not apply to current account ... Summary
Remittance for current account transactions exempt from one-year bank account rule; FFMCs must ensure KYC and AML compliance.
The one year bank account maintenance requirement in para 5.4 is confined to capital account transactions and does not apply to current account remittances under Schedule III of the FEMA (CAT) Amendment Rules, 2015; FFMCs may provide current account remittance facilities but must ensure compliance with Know Your Customer guidelines and Anti Money Laundering rules.
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