9911796707
TMI BlogDuties of Authorised Person [ Section 10(4) ]X X X X Extracts X X X X X X X X Extracts X X X X ..... g any foreign exchange or foreign security which is not in conformity with the terms of his authorisation under this section. [Section 10(4) of FEMA Act] The duties of authorised dealer under section 10(4) of FEMA Act was considered in CITIBANK, N.A. Vs Director, Enforcement Directorate [ 2009 (6) TMI 1029 - Appellate Tribunal for Foreign Exchange, New Delhi ] * In this case the appellant -Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... companies resident in India (outside IFSC); and * ii. Payment of fees for education to foreign universities or foreign institutions in IFSCs for pursuing courses mentioned in the gazette notification no. SO 2374(E) dated May 23, 2022, issued by the Central Government. * For these permissible purposes, resident individuals can open Foreign Currency Account (FCA) in IFSCs. * On a review, it ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hundred Thousand Only) for installation of Solar Photo Voltaic Power Plant at Cheddi Jagan International Airport in Guyana. [ A.P. (DIR Series) Circular No. 14 Dated 8th July 2024 w.e.f. 24.06.2024 ] 3. Release of Foreign Exchange for Miscellaneous Remittances * Authorised Dealers are permitted to release foreign exchange for any current account transaction, on the basis of a simple letter cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 003 to 06/05/2012 - Authorised Dealers were advised to release amounts up to USD 5000 or its equivalent. [ A.P.(DIR Series) Circular No. 55 Dated 23.12.2003 ] * From 12/09/2002 - Authorised Dealers were advised to release amounts up to USD 500 or its equivalent. [ A.P.(DIR Series) Circular No 16 dated 12.09.2002 ] 4. International Trade Settlement in Indian Rupees (INR) (Through open Rupee Vost ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
