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Exchange Earners' Foreign Currency account exemption clarified; specified current account restrictions and revised remittance thresholds for gifts, donations and consultancy. The amendment excludes drawals from an Exchange Earners' Foreign Currency (EEFC) account from the application of rules 4 and 5 except where drawals finance purposes specified in Schedules II and III. It revises Schedule II and Schedule III entries: replacing the foreign print media advertisement entry, setting per remitter limits for gift and donation remittances, prescribing conditions and per recipient limits for maintenance remittances, specifying that certain education remittances are per academic year, increasing the consultancy remittance threshold per project, and creating a category for reimbursement of pre incorporation expenses.
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Exchange Earners' Foreign Currency account exemption clarified; specified current account restrictions and revised remittance thresholds for gifts, donations and consultancy.
The amendment excludes drawals from an Exchange Earners' Foreign Currency (EEFC) account from the application of rules 4 and 5 except where drawals finance purposes specified in Schedules II and III. It revises Schedule II and Schedule III entries: replacing the foreign print media advertisement entry, setting per remitter limits for gift and donation remittances, prescribing conditions and per recipient limits for maintenance remittances, specifying that certain education remittances are per academic year, increasing the consultancy remittance threshold per project, and creating a category for reimbursement of pre incorporation expenses.
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