Foreign Exchange Management Act (FEMA), 1999 – Current Account Transactions – Reimbursement of pre-incorporation expenses - Liberalisation

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ries) Circular No. 47 April 30, 2007 To, All Category - I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act (FEMA), 1999 - Current Account Transactions - Reimbursement of pre-incorporation expenses - Liberalisation Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to Foreign Exchange Management (Current Account Transactions) Rules, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....higher, on the basis of certification from statutory auditors. Accordingly, AD Category - I banks may permit drawal of foreign exchange by an entity in India by way of reimbursement of pre-incorporation expenses up to the limit mentioned above, on the basis of certification from statutory auditors. 3. Necessary amendments to Foreign Exchange Management (Current Account Transactions) Rules, 2000....