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Master Direction - Other Remittance Facilities (Updated as on February 11 2016)

FEMA - 8/2015-16 - Dated:- 1-1-2016 - RBI/FED/2015-16/4 FED Master Direction No. 8/2015-16 January 1, 2016 To, All Authorised Persons in Foreign Exchange Madam / Sir, Master Direction - Other Remittance Facilities Miscellaneous remittance facilities for residents are allowed in terms of Section 5 of the Foreign Exchange Management Act, 1999, read with Government of India Notification No. G.S.R 381(E) dated May 3, 2000. These Rules/ Regulations are amended from time to time to incorporate the cha .....

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ed on remittance facilities for residents have been compiled in this Master Direction. The list of underlying circulars/ notifications which form the basis of this Master Direction is furnished in the Appendix. Reporting instructions can be found in Master Directions on reporting (Master Direction No. 18 dated January 01, 2016) 4. It may be noted that, whenever necessary, Reserve Bank shall issue directions to Authorised Persons through A.P. (DIR Series) Circulars in regard to any change in the .....

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3 Meeting of medical expenses of NRI close relatives by resident individuals 3.4 International Credit cards/International Debit cards/Store value cards etc. by Authorised Dealers in India 4. Remittance facilities for others 4.1 Gift/donation 4.2 Commission to agents abroad for sale of residential flats or commercial plots in India 4.3 Remittance towards consultancy services 4.4 Remittance towards re-imbursement of pre-incorporation expenses 4.5 Payment of fees in foreign currency- Embassy affili .....

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ns to Authorised Persons 7. Income tax clearance Annex 1-FEM (CAT) Rules, 2000 Annex 2- Form A2 Appendix 1. Release of Foreign Exchange by Authorised Dealers 1.1 For release of foreign exchange to persons resident in India for various current account transactions, Authorised Dealer banks are to be guided by the Rules made by the Government of India under Section 5 of the Foreign Exchange Management Act, 1999 which are detailed in the Foreign Exchange Management (Current Account Transactions) Rul .....

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nistry/Department of the Government of India as specified therein. In respect of transactions included in Schedule III to the Rules, prior approval of the Reserve Bank would be required for remittance exceeding the specified limits. The release of foreign exchange up to the threshold ceilings specified in Schedule III stands delegated to the Authorised Dealer banks. All applications for release of foreign exchange exceeding the limits as prescribed in Schedule III to the Rules should be referred .....

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not admissible for travel to and transaction with residents of Nepal and Bhutan. 1.4 Prohibition: Remittances in any form towards participation in lottery schemes are prohibited under the Foreign Exchange Management Act, 1999. Further, these restrictions are also applicable to remittances for participation in lottery like schemes existing under different names like money circulation scheme or remittances for the purpose of securing prize money/awards, etc. 1.5 Fraudulent offers: There is a spat .....

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media. Fraudsters are seeking money from gullible people, under different heads, such as processing fees/ transaction fees/tax clearance charges/conversion charges, clearing fees, etc. The victims of the fraud have also been persuaded to deposit the amount in accounts with banks in India, and such amounts have been withdrawn immediately. Multiple accounts are being opened in the name of individuals or proprietary concerns, at different bank branches for collecting the transaction charges, etc. .....

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ng (AML) standards. The Reserve Bank of India does not maintain any account in the name of individuals / companies / trusts in India to hold funds for disbursal. 2. Release of Foreign Exchange by Authorised Dealer Category II In order to provide adequate foreign exchange facilities and efficient customer service, the Reserve Bank has decided to grant licenses to certain entities by authorising them as Authorised Dealer - Category II to undertake a range of non-trade current account transactions. .....

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d, Disbursement of crew wages, Overseas education, Remittance under educational tie up arrangements with universities abroad, Remittance towards fees for examinations held in India and abroad and additional score sheets for GRE, TOEFL, etc. Employment and processing, assessment fees for overseas job applications, Emigration and emigration consultancy fees, Skills / credential assessment fees for intending migrants, Visa fees, Processing fees for registration of documents as required by the Portu .....

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endment Rules, 2015 dated May 26, 2015 are subsumed under the Liberalised Remittance Scheme (LRS) of USD 2,50,000 per Financial Year (FY) with effect from May 26, 2015 [Instructions on LRS are available on Master Direction on Liberalised Remittance Scheme dated January 1, 2016]. Release of foreign exchange exceeding USD 2,50,000, requires prior permission from the Reserve Bank of India. 3.1 Travel: 3.1.1 Out of the overall foreign exchange (USD 250, 000 per financial year) being sold to a travel .....

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blics of Commonwealth of Independent States - full exchange may be released. Travellers proceeding for Haj/Umrah pilgrimage- full amount of entitlement in cash or up to the cash limit as specified by the Haj Committee of India, may be released. 3.1.2 Authorised Dealers may remit foreign exchange up to a reasonable limit, at the request of a traveller towards his hotel accommodation, tour arrangements, etc., in the countries proposed to be visited by him. Further, all tour related expenses includ .....

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permitted under the relevant Rules / Regulation. (ii) General permission is available to any resident individual to surrender received / realised / unspent / unused foreign exchange to an Authorised Person within a period of 180 days from the date of receipt / realisation / purchase / acquisition / date of return of the traveller, as the case may be. Note: Where a person approaches an Authorised Person for surrender of unspent/ unutilized foreign exchange after the prescribed period of 180 days .....

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rning traveller is permitted to retain with him, foreign currency, travellers cheques and currency notes up to an aggregate amount of USD 2000 and foreign coins without any ceiling beyond 180 days. Foreign exchange so retained, can be utilized by the traveller for his subsequent visit abroad. 3.2 Remittance of salary 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 o .....

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not permanently resident. 3.3. Meeting of medical expenses of NRI close relatives by resident individuals Where the medical expenses in respect of NRI close relative (relative as defined in Section 6 of the Companies Act, 1956) are paid by a resident individual, such a payment being in the nature of a resident to resident transaction may be covered under the term services related thereto under Regulation 2(i) of Notification No. FEMA 16 /2000- RB dated May 3, 2000. 3.4. International Credit Car .....

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r in India, e.g. for import of books, purchase of downloadable software or import of any other item permissible under Foreign Trade Policy (FTP). ICCs cannot be used on internet or otherwise for purchase of prohibited items, like lottery tickets, banned or proscribed magazines, participation in sweepstakes, payment for call-back services, etc., since no drawal of foreign exchange is permitted for such items/activities. There is no aggregate monetary ceiling separately prescribed for use of ICCs .....

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s a current or savings account. The remittance for this purpose should also be made directly to the card issuing agency abroad, and not to a third party. The applicable limit will be the credit limit fixed by the card issuing banks. There is no monetary ceiling fixed by the Reserve Bank for remittances, if any, under this facility. Use of ICC for payment in foreign exchange in Nepal and Bhutan is not permitted. ADs may issue ICCs to NRIs/PIOs, without prior approval of the Reserve Bank, subject .....

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be used only for permissible current account transactions and the limits as mentioned in the Schedules to the Rules, as amended from time to time, are equally applicable to payments made through use of these cards. The IDCs cannot be used on internet for purchase of prohibited items like lottery tickets, banned or proscribed magazines, participation in sweepstakes, payment for call-back services, etc., i.e. for such items/activities for which drawal of foreign exchange is not permitted. 3.4.3. .....

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ssuing company in its Vostro account maintained with an Authorised Dealer bank in India or in its foreign currency account maintained abroad and makes the payment in foreign currency overseas to the foreign airline. This practice adopted by foreign airlines is not in conformity with the extant provisions of the Foreign Exchange Management Act, 1999. AD Category- I banks may, therefore, advise the foreign airlines to discontinue the practice of using overseas banks for settlement of INR transacti .....

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ccount transactions and subject to the prescribed limits under the FEM (CAT) Rules, 2000, as amended from time to time. 3.4.5. Redemption of unutilized balance on prepaid travel cards: Resident Indians who purchase their travel cards, are permitted refund of the unutilized foreign exchange balance only after 10 days from the date of last transaction and accordingly, this condition is stated in the user guide . Since these cards are expected to act as substitutes for cash/ Travellers Cheques, the .....

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ions till the completion of the respective settlement cycle; and Transaction fees / service tax payable in India in Rupees. For the amount that are authorized but unclaimed/ not settled by the acquirer, the issuer of such cards can hold such amounts until such transactions are processed/ settled by the acquirers within the prescribed settlement timeframe. 4. Remittance facilities for others: 4.1. Gift/donation General permission is available to persons other than individuals to remit towards don .....

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erve Bank of India. Applications for remittances for purposes other than those specified above may be forwarded to the Chief General Manager, Reserve Bank of India, Central Office, Foreign Exchange Department, Foreign Investments Division (EPD), Central Office Building, Mumbai-400 001, together with (a) details of their foreign exchange earnings during the last 3 years, (b) brief background of the company s activities, (c) purpose of the donation and (d) likely benefits to the corporate. This fa .....

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towards consultancy services Remittances by persons other than individuals shall require prior approval of the Reserve Bank of India if remittances exceed USD 10,000,000 per project for any consultancy services in respect of infrastructure projects and USD 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 FEM .....

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educational institutions Authorised Dealers may sell foreign exchange towards payment of fees to schools/educational institutions under the administrative control of foreign embassies. 4.6. Remittance towards payments of collected subscription to overseas TV media company Authorised dealers may allow cable operators or collection agents in India of overseas TV media companies, to remit subscription collected from subscribers in India/advertisement charges collected from the advertisers who are .....

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n company which has been awarded the contract. 4.8. Sale of overseas telephone cards Authorised Dealers may allow agents in India of the overseas organisations issuing pre-paid telephone cards to remit the sale proceeds of such cards, net of their commission, to the issuers of the telephone cards. 4.9. Liberalization of foreign technical collaboration agreements AD Category-I banks may permit drawal of foreign exchange by persons for payment of royalty and lump-sum payment under technical collab .....

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ie-up arrangements with hotels/ agents, etc., abroad for providing hotel accommodation or making other tour arrangements for travel from India, provided the Authorised Dealer is satisfied that the remittance is being made out of the foreign exchange purchased by the traveller concerned from an Authorised Person (including exchange drawn for private travel abroad) in accordance with the Rules, Regulations and Direction in force. 4.11.2. Authorised Dealer may open foreign currency accounts in the .....

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our arrangements, etc., outside India. 4.11.3. Authorised Dealer may allow tour operators to remit the cost of rail/ road/ water/transportation charges outside India without any prior approval from the Reserve Bank, net of commission/ mark up due to the agent. The sale of passes/ ticket in India can be made either against the payment in Indian Rupees or in foreign exchange released for visits abroad. 4.11.4. In respect of consolidated tours arranged by travel agents in India for foreign tourists .....

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countries (inclusive of remittances, if any, already made against the tour) does not exceed the amount actually remitted to India and the country of residence of the beneficiary is not Pakistan. 5. Issue of Guarantee - Import of service 5.1. AD Category-I banks are permitted to issue guarantee for amount not exceeding USD 500,000 or its equivalent in favour of a non-resident service provider, on behalf of a resident customer who is a service importer, provided: The AD Category-I bank is satisfie .....

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g USD 100,000 (USD One hundred thousand) or its equivalent would be required. 6. Operational instructions to Authorised Persons 6.1. Reserve Bank will not prescribe the documents which should be verified by the Authorised Persons while permitting remittances for various transactions, particularly of current account. 6.2. In terms of the provisions contained in sub-section 5 of section 10 of the Act, before undertaking any transaction in foreign exchange on behalf of any person, an Authorised Dea .....

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ons for verification by the Reserve Bank. The onus of furnishing the correct details in the application, will remain with the applicant who has certified the details relating to the purpose of such remittance. 6.3. In case the person on whose behalf the transaction is being undertaken refuses or does not give satisfactory compliance of the requirements of an authorised person, he shall refuse in writing to undertake the transactions and shall, if he has reasons to believe that any contravention .....

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y a simple letter from the applicant containing the basic information, viz., names and the addresses of the applicant and the beneficiary, amount to be remitted and the purpose of remittance. However, this is subject to the condition that the payment is made by a cheque drawn on the applicant's bank account or by a Demand Draft. AD banks shall prepare dummy A-2 so as to enable them to provide purpose of remittance for statistical inputs for Balance of Payment. 6.6. With a view to facilitatin .....

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the LRS) may be put through on the basis of the Form A2 alone. To start with, remittances on the basis of online submission alone will be available for transactions with an upper limit of USD 25,000 (or its equivalent) for individuals and USD 100,000 (or its equivalent) for corporates. It may be noted that the remittance will be subject to satisfaction of the Authorised Dealer banks as laid down in Section 10 (5) of FEMA. Accordingly, Authorised Dealer banks may frame appropriate guidelines for .....

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on the part of Authorised Dealers to comply with the requirement of the tax laws, as applicable. Annex -1 Foreign Exchange Management (Current Account Transactions) Rules, 2000 Notification No. G.S.R.381 (E) dated May 3, 2000 (as amended from time to time) In exercise of the powers conferred by Section 5 and sub-section (1) and clause (a) of sub-section (2) of Section 46 of the Foreign Exchange Management Act, 1999, and in consultation with the Reserve Bank, the Central Government having consid .....

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opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM Card or any other thing by whatever name called which has the effect of creating foreign exchange liability; (c) Schedule means a schedule appended to these rules; (d) The words and expressions not defined in these rules but defined in the Act shall have the same meanings respectively assigned to them in the Act. 3. Prohibition on drawal of Foreign Exchange-Drawal of foreign exchange by any person .....

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thout 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 of the remitter. 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 held in Resident Foreign Currency (RFC) Account of the remitter. 6. (1) Nothing .....

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of International Credit Card while outside India Nothing contained in Rule 5 shall apply to the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India. Schedule I Transactions which are Prohibited (see Rule 3) 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 /proscribed magazines, football pools, sweepstake .....

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funds held in Non-Resident Special Rupee (Account) Scheme. Schedule II Transactions which require prior approval of the Central Government (see Rule 4) Purpose of Remittance Ministry/Department of Govt. of India whose approval is required 1. Cultural Tours Ministry of Human Resources Development, (Department of Education and Culture) 2. Advertisement in foreign print media for the purposes other than promotion of tourism, foreign investments and international bidding (exceeding USD 10,000) by a .....

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e Director General of Shipping 6. Remittance of hiring charges of transponders by (a) TV Channels (b) Internet Service providers Ministry of Information and Broadcasting Ministry of Communication and Information Technology 7. Remittance of container detention charges exceeding the rate prescribed by Director General of Shipping Ministry of Surface Transport (Director General of Shipping) 8. omitted 9. Remittance of prize money/sponsorship of sports activity abroad by a person other than Internat .....

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00 only. Any additional remittance in excess of the said limit for the following purposes shall require prior approval of the Reserve Bank of India. Private visits to any country (except Nepal and Bhutan). Gift or donation. Going abroad for employment. Emigration. Maintenance of close relatives abroad. Travel for business, or attending a conference or specialised training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going .....

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emittance Scheme) if it is so required by a country of emigration, medical institute offering 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 Indi .....

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thereof) or for a specific job or assignments, the duration of which does not exceed three years, is a resident but not permanently resident: provided also that a person other than an individual may also avail of foreign exchange facility, mutatis mutandis, within the limit prescribed under the said Liberalised Remittance Scheme for the purposes mentioned herein above. Facilities for persons other than individual - 2. The following remittances by persons other than individuals shall require pri .....

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abroad for sale of residential flats or commercial plots in India exceeding USD 25,000 or five percent of the inward remittance whichever is more. (iii) Remittances exceeding USD 10,000,000 per project for any consultancy services in respect of infrastructure projects and USD 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) .....

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I, Section 3, Sub-section (i) of Gazette of India, Extraordinary, vide G.S.R. 381(E), dated the 3rd May, 2000. APPENDIX-1 Sl. No. Circular No. Title Date 1 A.P.(DIR Series) Circular No.1 Foreign Exchange Management Act (FEMA), 1999 June 1, 2000 2 A.P.(DIR Series) Circular No.19 Foreign Exchange Management Act , 1999 - Foreign Travel October 30, 2000 3 A.P.(DIR Series) Circular No.20 Foreign Exchange Management Act , 1999 Foreign Travel November 16, 2000 4 A.P.(DIR Series) Circular No.11 Release .....

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2002 9 A.P. (DIR Series) Circular No.53 Resident Foreign Currency (Domestic) Account - Facility for Resident Individuals November 23, 2002 10 A.P. (DIR Series) Circular No.54 Remittance of Foreign Exchange for Miscellaneous purposes November 25, 2002 11 A.P. (DIR Series) Circular No.64 Resident Foreign Currency (Domestic) Account - Facility for Resident Individuals December 24, 2002 12 A.P. (DIR Series) Circular No.65 Foreign Exchange Management Act, 1999 - Advance Remittances for Services to be .....

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tions August 12, 2003 17 A.P. (DIR Series) Circular No.8 Foreign Exchange Management Act, 1999 August 16, 2003 18 A.P. (DIR Series) Circular No.33 Foreign Exchange Management Act, 1999 - Current Account Transactions - Liberalisation November 13, 2003 19 A.P. (DIR Series) Circular No.55 Release of Foreign Exchange for Miscellaneous Remittances December 23, 2003 20 A.P. (DIR Series) Circular No.64 Liberalised Remittance Scheme of USD 25,000 for Resident Individuals February 4, 2004 21 A.P. (DIR Se .....

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mittance for maintenance of close relatives abroad- Requests of Indian Nationals on deputation to India from Overseas Companies April 17, 2004 25 A.P. (DIR Series) Circular No.20 Foreign Exchange Management Act (FEMA), 1999 - Current Account Transactions - Remittance of Hiring Charges of Transponders - Procedural Changes October 25, 2004 26 A.P. (DIR Series) Circular No.38 Liberalised Remittance Scheme of USD 25,000 for Resident Individuals March 31, 2005 27 A.P. (DIR Series) Circular No.46 Use .....

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Circular No. 24 Liberalised Remittance Scheme of USD 50,000 for Resident Individuals December 20, 2006 32 A.P. (DIR Series) Circular No. 38 Foreign Exchange Management Act (FEMA), 1999 Current Account Transaction Rules - Amendment April 5, 2007 33 A.P. (DIR Series) Circular No. 58 Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2000 May 18, 2007 34 A.P. (DIR Series) Circular No. 9 Liberalised Remittance Scheme for Resident Individuals- Enhan .....

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ircular No.40 A.P. (F. L. Series) Circular No.03 Foreign Exchange Management Act, 1999 - Foreign Travel - Mode of payment in Rupees December 10, 2008 39 A.P. (DIR Series) Circular No.11 Issue of Bank Guarantee on behalf of service importers October 5, 2009 40 A.P. (DIR Series) Circular No. 50 A.P.(FL Series) Circular No. 7 Release of Foreign Exchange for Visits Abroad - Currency Component May 4, 2010 41 A.P. (DIR Series) Circular No.52 Foreign Exchange Management Act (FEMA), 1999 Current Account .....

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011 45 A.P. (DIR Series) Circular No. 18 Loans in Rupees by resident individuals to NRI close relatives September 16, 2011 46 A.P. (DIR Series) Circular No. 32 Liberalised Remittance Scheme for Resident Individuals- Revised Application cum Declaration form October 10, 2011 47 A.P. (DIR Series) Circular No. 37 (i) Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement (ii) repatriation of income and sale proceeds of assets acquir .....

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