Foreign Exchange Management Act (FEMA), 1999 – Current Account Transactions – Remittance towards donation by Corporates - Liberalisation

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....l Category - I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act (FEMA), 1999 - Current Account Transactions - Remittance towards donation by Corporates - Liberalisation Attention of Authorised Dealer Category-I (AD Category - I) banks is invited to Foreign Exchange Management (Current Account Transactions) Rules, 2000 (the Rules) notified vide Notification No. G.S.R.381(E) ....

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....tions by corporates for specified purposes as under : i. Creation of Chairs in reputed educational institutes; ii. Donations to funds (not being an investment fund) promoted by educational institutes; or iii. Donation to a technical institution or body or association in the field of activity of the donor Company. The remittances are subject to a limit of one per cent of the foreign exchange ear....