Rule 4 - Prior approval of Government of India - Foreign Exchange Management (Current Account Transactions) Rules, 2000

Prior approval of Government of India. 4. No person shall draw foreign exchange for a transaction included in the Schedule II without prior approval of the Government of India : Provided that this rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account 1 [***] of the remitter. *************** NOTES:- 1 . Omitted vide Notification No. 42/2001 dated 30-03-2001 , w.e.f. 30-03-2001 before it was read as, or Exchange Earners Foreign Currency (EEFC) account,