Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2001

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....arch, 2001 S.O. 301(E) - In exercise of the powers conferred by section 5 and sub-section (1) and Clause (a) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in consultation with the Reserve Bank, the Central Government having considered it necessary in the public interest, makes the following amendments in the Foreign Exchange Management (Current A....

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....e (1), restrictions imposed under rule 4 or rule 5 shall continue to apply where the drawal of foreign exchange from the Exchange Earners Foreign Currency (EEFC) account is for the purpose specified in items 10 and 11 of Schedule II, or item 3, 4, 11, 16 & 17 Schedule III as the case may be." C. In Schedule II to the said rules, for item No.2 and the entries relating thereto, the followin....

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.... "7. Remittance for maintenance of close relatives abroad, i. exceeding net salary (after deduction of taxes, contribution to provident fund and other deductions) of a person who is resident but not permanently resident in India and is a citizen of a foreign state other than Pakistan. ii. Exceeding US$ 5,000 per year per recipient, in all other cases. Explana....