Foreign Exchange Management Act, 1999 - Current Account Transactions

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....Act, 1999 - Current Account Transactions Attention of authorised dealers is invited to the Government of India Notification No.GSR.381(E) dated 3rd May 2000 notifying the Foreign Exchange Management (Current Account Transactions) Rules, 2000 in terms of which drawal of exchange for certain current account transactions has been prohibited and restrictions have been placed on certain other transact....

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....nd for membership of P&I Club respectively will be applicable even though remittance is made out of funds held in EEFC account, B. Schedule III a. Gift remittance exceeding US$5,000 per remitter/donor per annum and Donation exceeding US$5,000 per remitter/donor per annum, respectively will require prior approval of the Reserve Bank. The restriction would be applicable even in cases where the ....

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....ndia, d. The remittances exceeding US $100,000 per project for any consultancy services procured from outside India will require prior approval of the Reserve Bank. This restriction will also apply to such remittances made out of funds held in EEFC accounts,(cf: item 15) e. All remittances exceeding US$100,000 for reimbursement of pre-incorporation expenses will also require prior permission f....