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Rule 5 - Prior approval of Reserve Bank - Foreign Exchange Management (Current Account Transactions) Rules, 2000Extract 2 [Prior approval of Reserve Bank. - 5. Every drawal of foreign exchange for transactions included in Schedule III shall be governed as provided therein: Provided that this rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account 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, 2 . Substituted vide Not. 1/6/EM/2015 - Dated 26-5-2015 before it was read as. 5. Prior approval of Reserve Bank. No person shall draw foreign exchange for a transaction included in the Schedule Ill without prior approval of the Reserve Bank ; 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.
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