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

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....) Circular No. 45 April 30, 2007 To, All 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 (th....

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....nks are now permitted to make remittances on account of donations 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 a....