Facilities of drawal of foreign exchange for transactions for Individuals and Other person - conditions modified - Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015

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....he following amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, namely:- 1.   (1) These rules may be called the Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015.       (2) They shall come into force on the date of their publication in the Official Gazette. 2.   In the Foreign Exchange Management (Current Account Transactions) Rules, 2000,- (i) for rule 5, the following rule shall be substituted, namely:- "5. Prior approval of Reserve Bank.- Every drawal of foreign exchange for transactions included in Schedule III shall be governed as provided therein: Provided that this rule shall not apply w....

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....as the said Liberalised Remittance Scheme) if it is so required by a country of emigration, medical institute offering treatment or the university, respectively: Provided further that if an individual remits any amount under the said Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 (US Dollars Two Hundred and Fifty Thousand Only) by the amount so remitted: provided also that for a person who is resident but not permanently resident in India and - (a) is a citizen of a foreign State other than Pakistan; or (b) is a citizen of India, who is on deputation to the office or branch of a foreign company or subsidiary or joint venture in India ....