Foreign Exchange Management Act (FEMA), 1999 – Current Account Transactions – Remittance for consultancy services - Liberalisation

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.... I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act (FEMA), 1999 - Current Account Transactions - Remittance for consultancy services - Liberalisation Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Foreign Exchange Management (Current Account Transactions) Rules, 2000 notified vide Notification No. G.S.R.381(E) dated 4th May 2000, as amended fr....

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....ct. For this purpose, infrastructure sector is defined as (i) power, (ii) telecommunication, (iii) railways, (iv) road including bridges, (v) sea port and airport, (vi) industrial parks, and (vii) urban infrastructure (water supply, sanitation and sewage projects). Accordingly, AD Category - I banks may allow remittances on behalf of Indian companies in such cases up to USD 10 million per project,....