https://www.taxtmi.com/article/detailed?id=11445 Current account transactions cover all non capital cross border payments; the Act permits drawal of foreign exchange for such transactions but allows the Central Government, with the Reserve Bank, to prescribe restrictions. The Rules create prohibited categories, transactions requiring prior Central Government approval, and those governed by RBI approval; payments from Resident Foreign Currency accounts are often exempt. Schedule III provides individual facilities up to a specified liberalised limit for travel, maintenance, education, medical, gifts and other current account purposes, with excess remittances requiring RBI approval. en-us Tue, 30 May 2023 17:52:22 +0530 Tue, 30 May 2023 17:52:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11445 Current account transactions cover all non capital cross border payments; the Act permits drawal of foreign exchange for such transactions but allows the Central Government, with the Reserve Bank, to prescribe restrictions. The Rules create prohibited categories, transactions requiring prior Central Government approval, and those governed by RBI approval; payments from Resident Foreign Currency accounts are often exempt. Schedule III provides individual facilities up to a specified liberalised limit for travel, maintenance, education, medical, gifts and other current account purposes, with excess remittances requiring RBI approval. Articles FEMA - Foreign Exchange Management Tue, 30 May 2023 17:52:22 +0530 https://www.taxtmi.com/article/detailed?id=11445