TaxTMI 
TaxTMI 
TaxTMI 
Transaction which required Prior approval of Reserve Bank - Rule 5
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....s provided therein: * Exception:- This rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account of the remitter. SCHEDULE III - Foreign Exchange Management (Current Account Transaction) Rules 2000 1. Facilities for individuals- 1.1 Individuals can avail of foreign exchange facility for the following purposes within the limit of USD 2,50,000 o....
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....al may avail of exchange facility for an amount in excess of the USD 2,50,000/- under the Liberalised Remittance Scheme (LRS) as provided in regulation 4 of - Prohibition - Foreign Exchange Management (Permissible Current Account Transaction) Rules 2000. [FEMA Notification 1/2000-RB, dated the 3rd May, 2000, as amended from time to time] if it is so required by a country of emigration, medical ins....
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....resident in India on account of his employment or deputation of a specified duration (irrespective of length thereof) or for a specific job or assignments, the duration of which does not exceed three years, is a resident but not permanently resident: A Person other than an individual may also avail of foreign exchange facility, mutatis mutandis, within the limit prescribed under the said Liberal....
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.... remittance whichever is more. Note:- Calculate above limit per transaction. * For any consultancy services in respect of infrastructure projects Remittances exceeding USD 10,000,000 per project and * For other consultancy services procured from outside India - Remittances exceeding USD 1,000,000 per project, . * Explanation:-For the purposes of this sub-paragraph, the expression "infras....