Prior approval for current account transactions where remittances exceed prescribed limits, affecting individuals and entities. Prior approval of the Reserve Bank is required for current account foreign exchange drawals listed in Schedule III, except payments from a Resident Foreign Currency (RFC) Account. Schedule III prescribes an annual remittance ceiling for individuals across specified purposes, with excess remittances requiring prior RBI approval and certain exceptions allowing higher remittances under the Liberalised Remittance Scheme, which reduces the individual's remaining annual ceiling. For non-individuals, specified remittances-donations above thresholds, large commission or consultancy payments, and certain pre-incorporation reimbursements-require prior RBI approval; procedural rules follow the LRS mechanism.
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.
Prior approval for current account transactions where remittances exceed prescribed limits, affecting individuals and entities.
Prior approval of the Reserve Bank is required for current account foreign exchange drawals listed in Schedule III, except payments from a Resident Foreign Currency (RFC) Account. Schedule III prescribes an annual remittance ceiling for individuals across specified purposes, with excess remittances requiring prior RBI approval and certain exceptions allowing higher remittances under the Liberalised Remittance Scheme, which reduces the individual's remaining annual ceiling. For non-individuals, specified remittances-donations above thresholds, large commission or consultancy payments, and certain pre-incorporation reimbursements-require prior RBI approval; procedural rules follow the LRS mechanism.
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