Prior approval for specified current account transactions now required; individuals limited by liberalised remittance scheme and corporates need regulatory approval. The amendment replaces rule 5 to require prior regulatory approval for foreign exchange drawals listed in a new Schedule III, except when paid from Resident Foreign Currency Accounts. Schedule III permits individuals to remit under the Liberalised Remittance Scheme for specified current account purposes, with excess remittances for certain purposes requiring prior regulatory approval and reductions of the annual limit by amounts already remitted. It also lists categories of remittances by non individuals that mandate prior regulatory approval and aligns procedural requirements with the Liberalised Remittance Scheme.