Prohibition on foreign exchange drawal limits specified current account remittances and certain export related payments, with limited regulatory exemptions. Rule 3 prohibits drawal of foreign exchange for specified current account transactions, including remittances such as lottery winnings, income from racing or hobbies, purchase of banned publications, interest on funds in the Non Resident Special Rupee Account, and dividends subject to dividend balancing. It also bars certain payments-commission on exports toward equity investment abroad, commissions under the Rupee State Credit route (with a narrow exception for limited export commission), and call back service payments-and prohibits travel to Nepal and Bhutan and transactions with residents there, subject to RBI exemption powers.
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.
Prohibition on foreign exchange drawal limits specified current account remittances and certain export related payments, with limited regulatory exemptions.
Rule 3 prohibits drawal of foreign exchange for specified current account transactions, including remittances such as lottery winnings, income from racing or hobbies, purchase of banned publications, interest on funds in the Non Resident Special Rupee Account, and dividends subject to dividend balancing. It also bars certain payments-commission on exports toward equity investment abroad, commissions under the Rupee State Credit route (with a narrow exception for limited export commission), and call back service payments-and prohibits travel to Nepal and Bhutan and transactions with residents there, subject to RBI exemption powers.
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