https://www.taxtmi.com/article/detailed?id=6614 Section 2(j) of FEMA treats transactions for trade, services, short term banking, interest, investment income, and remittances for living, travel, education and medical expenses as current account transactions. The Rules classify certain payments as prohibited, others as requiring prior approval of the Government of India, and additional categories as requiring prior approval of the RBI. The Liberalized Remittance Scheme sets individual entitlements for various current transactions with carve outs for Resident Foreign Currency and Exchange Earners' accounts; non individual remittances above specified thresholds also need RBI approval. en-us Mon, 04 Jan 2016 12:37:17 +0530 Mon, 04 Jan 2016 12:37:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6614 Section 2(j) of FEMA treats transactions for trade, services, short term banking, interest, investment income, and remittances for living, travel, education and medical expenses as current account transactions. The Rules classify certain payments as prohibited, others as requiring prior approval of the Government of India, and additional categories as requiring prior approval of the RBI. The Liberalized Remittance Scheme sets individual entitlements for various current transactions with carve outs for Resident Foreign Currency and Exchange Earners' accounts; non individual remittances above specified thresholds also need RBI approval. Articles FEMA - Foreign Exchange Management Mon, 04 Jan 2016 12:37:17 +0530 https://www.taxtmi.com/article/detailed?id=6614