TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Manuals
of of All Manuals
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 5 FEMA Act: Individuals Can Use Foreign Exchange for Current Account Transactions, Restrictions Possible to Prevent Misuse.</h1> Section 5 of the FEMA Act, 1999 allows individuals to sell or draw foreign exchange for current account transactions, which are defined as transactions not involving capital accounts. These include payments related to foreign trade, services, short-term banking, and personal expenses like education and medical care abroad. The Central Government, in consultation with the Reserve Bank of India, can impose restrictions on these transactions. Examples provided illustrate that transactions like importing machinery or sending gifts abroad are considered current account transactions. However, restrictions may apply to prevent misuse under the guise of current transactions.
TaxTMI 
