https://www.taxtmi.com/manuals?id=2867 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. en-us Tue, 13 Jun 2023 17:53:00 +0530 Fri, 08 Dec 2023 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=2867 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. Manuals FEMA Tue, 13 Jun 2023 17:53:00 +0530 https://www.taxtmi.com/manuals?id=2867