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Prohibition on Drawal of foreign exchange - FEMA Ready Reckoner - FEMAExtract Prohibition on Drawal of Foreign Exchange As per Rule 3 of Foreign Exchange Management (Current Account Transaction) Rules 2000 Drawal of foreign exchange by any person for the following purpose is prohibited, namely :- (a) a transaction specified in the SCHEDULE I (as amended from time to time) ; or Remittances 1. Remittance out of lottery winnings . 2. Remittance of income from racing/riding, etc. or any other hobby . 3. Remittance for purchase of lottery tickets, banned/ prescribed magazines, football pools, sweepstakes, etc . 4. Remittance of interest income on funds held in Non-Resident Special Rupee (Account) Scheme. 5. Remittance of dividend by any company to which the requirement of dividend balancing is applicable. Payment 6. Payments of commission on exports made towards equity investment in joint ventures/wholly owned subsidiaries abroad of Indian companies. 7. Payment of commission of exports under Rupee State Credit Route , Except commission up to 10% of invoice value of exports of tea and tobacco. 8. Payment related to Call Back Services of telephones . (b) a travel to Nepal and/ or Bhutan; or (c) a transaction with a person resident in Nepal of Bhutan Specific Exemption from prohibition:- The prohibition in clause (c) may be exempted by Reserve Bank of India subject to such term and conditions as it may consider necessary to stipulate by special or general order.
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