TMI BlogFacilities of drawal of foreign exchange for transactions for Individuals and Other person - conditions modified - Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015X X X X Extracts X X X X X X X X Extracts X X X X ..... est, makes the 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 where the payment is made out of funds h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 of such foreign company, may make remittance up to his net salary (after deduction of taxes, contribution to provident fund and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SD 1,000,000 per project, for other consultancy services procured from outside India. Explanation:-For the purposes of this sub-paragraph, the expression infrastructure shall mean as defined in explanation to para 1(iv)(A)(a) of Schedule I of FEMA Notification 3/2000-RB, dated the May 3, 2000. (iv) Remittances exceeding five per cent of investment brought into India or USD 100,000 whichever is higher, by an entity in India by way of reimbursement of pre-incorporation expenses. 3. Procedure The procedure for drawal or remit of any foreign exchange under this schedule shall be the same as applicable for remitting any amount under the said Liberalised Remittance Scheme. [F. No. 1/6/EM/2015] MANOJ JOSHI, Jt. Se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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