Date: 2015-05-26Category: Extra OrdinaryState: Union GovernmentCountry: India
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 (42 of 1999), and in consultation with Reserve Bank, the Central Government
Executive Summary:
This notification amends the Foreign Exchange Management Current Account Transactions Rules, 2000. It specifies regulations for foreign exchange drawals, particularly concerning individual and non-individual remittances. The amendment introduces revised rules for prior approval from the Reserve Bank of India for certain transactions and sets limits for foreign exchange facilities. The rules came into force on the date of publication in the Official Gazette: May 26, 2015.
Key Points / Main Content:
Revised Regulations for Foreign Exchange Transactions
* Rule 5 of the Foreign Exchange Management Current Account Transactions Rules, 2000 is substituted, requiring that every drawal of foreign exchange for transactions included in Schedule III shall be governed as provided therein.
* The provision does not apply if the payment is made out of funds held in a Resident Foreign Currency (RFC) Account.
Schedule III - Facilities for Individuals
* Individuals can avail of foreign exchange facilities up to USD 250,000 for specified purposes. Remittances exceeding this limit require prior approval from the Reserve Bank of India.
* Permitted purposes include:
* Private visits to any country except Nepal and Bhutan.
* Gifts or donations.
* Employment abroad.
* Emigration.
* Maintenance of close relatives abroad.
* Business travel, conferences, specialized training.
* Medical expenses or checkups abroad, including attendant expenses.
* Studies abroad.
* Other current account transactions.
* Higher limits are applicable for emigration, medical treatment, and studies abroad, as required by the respective country, medical institute or university, in accordance with the Liberalised Remittance Scheme.
* Remittances under the Liberalised Remittance Scheme in a financial year reduce the applicable limit from USD 250,000.
* Special provisions for foreign citizens or Indian citizens on deputation, allowing remittances of net salary after deductions.
* Persons other than individuals can avail of foreign exchange facilities, within the limits prescribed under the Liberalised Remittance Scheme.
Facilities for Persons Other Than Individuals
* The following remittances by persons other than individuals require prior approval from the Reserve Bank of India:
* Donations exceeding the lower of one percent of foreign exchange earnings during the previous three financial years or USD 5,000,000 for specific educational and technical contributions.
* Commissions exceeding the greater of USD 25,000 or five percent of inward remittance per transaction to agents abroad for property sales in India.
* Remittances exceeding USD 10,000,000 per project for infrastructure consultancy services or USD 1,000,000 per project for other consultancy services procured from outside India.
* Reimbursement of pre-incorporation expenses exceeding the higher of five percent of investment brought into India or USD 100,000.
Procedure for Drawal or Remit of Any Foreign Exchange
* 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.
Impact Analysis:
Individuals:
Impact: Individuals are subject to revised limits and regulations for foreign exchange remittances for various purposes such as travel, education, medical treatment, and emigration.
Action Required: Individuals must adhere to the specified limits and obtain prior approval from the Reserve Bank of India for remittances exceeding USD 250,000 or as otherwise specified in the rules.
Persons Other Than Individuals:
Impact: Entities are subject to regulations and approval requirements for specific types of remittances, including donations, commissions, and consultancy service payments.
Action Required: Entities must seek prior approval from the Reserve Bank of India for remittances exceeding the specified limits and ensure compliance with the revised regulations.
Reserve Bank of India:
Impact: The Reserve Bank of India is responsible for overseeing and approving foreign exchange transactions as per the amended rules.
Action Required: The Reserve Bank of India must enforce the new regulations, process applications for prior approval, and ensure compliance with the Foreign Exchange Management Act, 1999.
Key Entities Referenced
Foreign Exchange Management Act, 1999: A law governing foreign exchange in India, referenced as the basis for the current notification.
Reserve Bank: The central bank of India, consulted in making amendments to foreign exchange management rules.
Foreign Exchange Management Current Account Transactions Rules, 2000: The set of rules being amended by this notification, governing current account transactions.
Official Gazette: The official government publication where the amended rules will be published.
Schedule III: A schedule within the Foreign Exchange Management Current Account Transactions Rules, 2000, detailing facilities for individuals regarding foreign exchange.
Liberalised Remittance Scheme: A scheme mentioned in the notification that allows individuals to remit a certain amount of money abroad.
USD 2,50,000: The limit of foreign exchange facility for individuals as per the notification.
New Delhi: The location where the notification was issued.
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EXTRAORDINARY
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PART II—Section 3—Sub-section (i)
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No. 338] NEW DELHI, TUESDAY, MAY 26, 2015/JYAISTHA 5, 1937
ििििवववव(cid:3)(cid:3)(cid:3)(cid:3) ममममं(cid:6)ं(cid:6)ं(cid:6)ं(cid:6)ााााललललयययय
((((आआआआ(cid:2)(cid:2)(cid:2)(cid:2)थथथथकककक ककककाााायययय (cid:7)(cid:7) (cid:7)(cid:7)ििििववववभभभभाााागगगग))))
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:1)द(cid:3)ली, 26 मई, 2015
ससससाााा....ककककाााा....ििििनननन.... 444422226666((((अअअअ))))....————िवदेशी मु(cid:8)ा (cid:10)बंध अिधिनयम, 1999 (1999 का 42) क(cid:15) धारा 5 और धारा 46 क(cid:15)
उप-धारा (1) और उप-धारा (2) के खंड (क) (cid:18)ारा (cid:10)द(cid:19) शि(cid:22)य(cid:24) का (cid:10)योग करत े (cid:27)ए और (cid:29)रजव ब!क के परामश से, के$(cid:8)ीय
सरकार जनिहत म % आव’यक समझते (cid:27)ए, िवदेशी मु(cid:8)ा (cid:10)बंध अिधिनयम (चाल ू खाता सं)य वहार) िनयमावली, 2000 म %
िन+ निलिखत संशोधन करती ह,ै अथा त ्:—
1. (1) इन िनयम(cid:24) को िवदेशी मु(cid:8)ा (cid:10)बंध (चालू खाता सं)य वहार) संशोधन िनयमावली, 2015 कहा जाएगा।
(2) ये राजप0 म %इनके (cid:10)काशन क(cid:15) ितिथ से (cid:10)वृ(cid:19) ह(cid:24)गे।
2. िवदेशी मु(cid:8)ा (cid:10)बंध (चालू खाता सं)य वहार) िनयमावली, 2000 म% -
(i) िनयम 5 के िलए, िन+ निलिखत िनयम (cid:10)ित5थ ािपत (cid:1)कया जाएगा; अथा त ्:
''5. (cid:29)रजव ब!क से पूव अनुमोदन –
अनुसूची-III म% शािमल सं) यवहार(cid:24) के िलए िवदेशी मु(cid:8)ा का (cid:10)7य ेक आहरण उसम% यथा उपबंिधत अिभशािसत
(cid:1)कया जाएगा :
बशत; (cid:1)क यह िनयम वहां लाग ू नह< होगा जहां भगु तान (cid:10)ेषक के िनवासी िवदेशी मु(cid:8)ा (आरएफसी) खाते म %
जमा िनिधय(cid:24) म% से (cid:1)कया गया हो।''
2338 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(ii) अनुसूची-III के िलए, िन+ निलिखत (cid:10)ित5थ ािपत (cid:1)कया जाएगा, अथा त ्:—
''''''''अअअअननननससुुससुु चचूूचचूू ीीीी----III ((((ििििननननययययमममम 5555 ददददेखेखेखेख))(cid:13)(cid:13)))(cid:13)(cid:13)
(cid:14)(cid:14)(cid:14)(cid:14)यय यय िििि(cid:16)(cid:16)(cid:16)(cid:16)टट टट यययय(cid:18)(cid:18)(cid:18)(cid:18) ककककेेेे ििििललललएएएए ससससििुुििुु ववववधधधधााााएएएएं ं ं ं ––––
1. ) यि> टगण केवल 2,50,000 अमरीक(cid:15) डालर क(cid:15) सीमा के अंदर िन+न िलिखत (cid:10)योजन(cid:24) हते ु िवदेशी मु(cid:8)ा सुिवधा
का उपयोग कर सकते ह।! िन+ निलिखत (cid:10)योजन(cid:24) के िलए उAत सीमा से अिधक के (cid:1)कसी अित(cid:29)रAत िव(cid:10)ेषण के िलए भारतीय
(cid:29)रजव ब!क से पूव अनुमोदन अपिे Bत होगा।
(i) (cid:1)कसी देश म% (नेपाल और भूटान को छोड़कर) िनजी या0ाएं।
(ii) उपहार या दान।
(iii) रोजगार हते ु िवदेश जाना।
(iv) उ7 (cid:10)वास।
(v) िवदेश म% िनकट संबंिधय(cid:24) का भरण-पोषण।
(vi) ) यवसाय के िलए या0ा करना अथवा स+म ले न या िविशि>ट कृत (cid:10)िशBण म % भाग लेना अथवा िच(cid:1)क7स ा
) यय या िवदेश म% जांच करवाने अथवा िच(cid:1)क7स ीय उपचार/जांच करवाने के िलए िवदेश जा रह े रोगी के
प(cid:29)रचारक के Dप म% उसके साथ जाने से संबंिधत )य य क(cid:15) पूEत हते ु।
(vii) िवदेश म% िच(cid:1)क7 सीय उपचार कराने के संबंध म% )य य।
(viii) िवदेश म% अF ययन करना।
(ix) कोई अ$ य चालू खाता सं) यवहार।
बशत; (cid:1)क मद संH या (iv), (vii) और (viii) म % उि(cid:3)ल िखत (cid:10)योजन(cid:24) के िलए, य(cid:1)द Iमश: उ7(cid:10) वास के देश, उपचार
(cid:10)दान करने वाले िच(cid:1)क7 सा सं5 थान अथवा िव’ विवJालय (cid:18)ारा ऐसा करना अपेिBत हो, तो तारीख 3 मई, 2000 क(cid:15) फेमा
अिधसूचना 1/2000-आरबी के िविनयम 4 म% यथा उपबंिधत उदारीकृत िव(cid:10)ेषण योजना (इसम% इसके प’च ात उदारीकृत
िव(cid:10)ेषण योजना कहा गया ह)ै के अंतग त िनधा (cid:29)रत सीमा से अिधक क(cid:15) धनरािश के िलए )य ि>ट िविनमय सुिवधा का उपयोग
कर सकेगा :
बशत; और यह (cid:1)क य(cid:1)द उA त उदारीकृत िव(cid:10)ेषण योजना के अतं ग त कोई )य ि>ट एक िव(cid:19) वष म% (cid:1)कसी धनरािश का
िव(cid:10)ेषण करता ह,ै तो ऐसे ) यि> ट के िलए लागू होने वाली सीमा 250,000 अमरीक(cid:15) डालर (केवल दो लाख पचास हजार
अमरीक(cid:15) डालर) से घटाकर ऐसी िव(cid:10)ेिषत रािश तक कर दी जाएगी :
बशत; यह भी (cid:1)क ऐसा ) यिA त जो भारत का िनवासी ह ै परंत ु5थ ायी Dप से नह< ह ैऔर -
(क) पा(cid:1)क5तान के अलावा (cid:1)कसी बाहरी देश का नाग(cid:29)रक हो, या
(ख) भारत का नाग(cid:29)रक हो, जो (cid:1)कसी िवदेशी कंपनी के काया लय अथवा शाखा या ऐसी िवदेशी कंपनी क(cid:15) भारत म %
अनुषगं ी कंपनी अथवा संयुA त उJम म% (cid:10)ितिनयुिAत पर हो,
तो अपने िनवल वेतन (कर(cid:24) क(cid:15) कटौती, भिव>य िनिध म % अंशदान और अ$य कटौितय(cid:24) के प’च ात) तक का िव(cid:10)ेषण कर
सकेगा।
(cid:1)(cid:1)(cid:1)(cid:1)पप पप (cid:4)(cid:4)(cid:4)(cid:4)टट टट ीीीीककककररररणणणण :::: इइइइसससस ममममदददद ककककेेेे (cid:13)(cid:13)(cid:13)(cid:13)ययययोोोोजजजजनननन ककककेेेे ििििललललएएएए,,,, यययय(cid:16)(cid:16)(cid:16)(cid:16)दददद ककककोोोोईईईई (cid:18)(cid:18)(cid:18)(cid:18)यय यय िििि(cid:20)(cid:20)(cid:20)(cid:20)तत तत अअअअपपपपनननन ेे ेे ररररोोोोजजजजगगगगाााारररर अअअअथथथथववववाााा (cid:16)(cid:16)(cid:16)(cid:16)ककककससससीीीी ििििववववििििनननन(cid:30)(cid:30)(cid:30)(cid:30)दददद(cid:4)(cid:4)(cid:4)(cid:4)टट टट अअअअववववििििधधधध कककक
(cid:13)(cid:13)(cid:13)(cid:13)ििििततततििििननननययययििुुििुु (cid:20)(cid:20)(cid:20)(cid:20)तत तत पपपपरररर ((((उउउउससससकककक अअअअववववििििधधधध पपपपरररर ििििववववचचचचाााारररर (cid:16)(cid:16)(cid:16)(cid:16)ककककएएएए ििििबबबबननननाााा)))) अअअअथथथथववववाााा (cid:16)(cid:16)(cid:16)(cid:16)ककककससससीीीी ििििववववििििनननन(cid:30)(cid:30)(cid:30)(cid:30)दददद(cid:4)(cid:4)(cid:4)(cid:4)टट टट ककककाााायययय && &&ययययाााा ससससममममननननददुुददुु ेशेशेशेशनननन(((( ककककेेेे ििििललललएएएए,,,, ििििजजजजससससकककक अअअअववववििििधधधध
ततततीीीीनननन ववववषषषष++++ सससस ेे ेेअअअअििििधधधधकककक ननननहहहह---- हहहहोोोो,,,, भभभभााााररररतततत मममम // //ििििननननववववाााासससस ककककररररतततताााा हहहह,,,,ैैैै ततततोोोो ववववहहहह ििििननननववववााााससससीीीी ततततोोोो हहहह ैैैैपपपपररररंंंंतततत ुुुु(cid:1)(cid:1)(cid:1)(cid:1)थथथथ ााााययययीीीी 1111पपपप सससस ेे ेेििििननननववववााााससससीीीी ननननहहहह---- हहहह ैैैै::::
बशत; यह भी (cid:1)क (cid:1)कसी ) यि> ट के अलावा कोई )य िAत भी इसम% ऊपर उि(cid:3)ल िखत (cid:10)योजन(cid:24) के िलए उAत उदारीकृत
िव(cid:10)ेषण योजना के अंतग त िनधा (cid:29)रत सीमा के भीतर, आव’य क प(cid:29)रवत न(cid:24) सिहत, िवदेशी मु(cid:8)ा सुिवधा का लाभ ल े सकेगा।¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
(cid:24)(cid:24)(cid:24)(cid:24)िििि(cid:16)(cid:16)(cid:16)(cid:16)टट टट ककककेेेे अअअअललललााााववववाााा (cid:14)(cid:14)(cid:14)(cid:14)यय यय िििि(cid:26)(cid:26)(cid:26)(cid:26)तत तत यययय(cid:18)(cid:18)(cid:18)(cid:18) ककककेेेे ििििललललएएएए ससससििुुििुु ववववधधधधााााएएएएं ं ं ं ----
2. ) यि> टय(cid:24) को छोड़कर ) यिA तय(cid:24) (cid:18)ारा िन+न िलिखत िव(cid:10)षे ण(cid:24) के िलए भारतीय (cid:29)रजव बक! के पूव अनुमोदन क(cid:15)
अपेBा होगी।
(i) िवगत तीन िव(cid:19) वषU के दौरान, उनके िवदेशी मु(cid:8)ा अज न(cid:24) के एक (cid:10)ितशत स े अिधक के दान(cid:24) अथवा
5,000,000 अमरीक(cid:15) डालर, जो भी कम हो, जो
(क) (cid:10)िति> ठत शैBिणक सं5थ ान(cid:24) के पीठ सृजन;
(ख) शैBिणक सं5थ ान(cid:24) (cid:18)ारा संवEWत िनिधय(cid:24) (िनवेश िनिध नह< होने पर) म % अशं दान; और
(ग) दाता कंपनी क(cid:15) गितिविधय(cid:24) के Bे0 म% (cid:1)कसी तकनीक(cid:15) सं5थ ा या िनकाय अथवा संगम को अंशदान के
िलए ह(cid:24)।
(ii) भारत म % आवासीय Xलैट(cid:24) या वािणिYय क Zल ाट(cid:24) क(cid:15) िबI(cid:15) के िलए िवदेशी अिभक(cid:19)ा [ को 25,000 अमरीक(cid:15)
डालर अथवा आवक िव(cid:10)ेषण का पांच (cid:10)ितशत, जो भी अिधक हो, (cid:10)ित सं)य वहार, कमीशन।
(iii) अवसंरचना प(cid:29)रयोजना[ के संबंध म% (cid:1)कसी भी परामश\ सेवा[ के िलए (cid:10)ित प(cid:29)रयोजना 10,000,000
अमरीक(cid:15) डालर और भारत से बाहर से अिध(cid:10)ाZत अ$य परामश\ सेवा[ के िलए (cid:10)ित प(cid:29)रयोजना
10,000,000 अमरीक(cid:15) डालर से अिधक के िव(cid:10)ेषण।
(cid:28)(cid:28)(cid:28)(cid:28)पप पप (cid:16)(cid:16)(cid:16)(cid:16)टट टट ीीीीककककररररणणणण :::: इइइइसससस उउउउपपपप----पपपपररैैररैै ाााा!!!!ााााफफफफ ककककेेेे ####ययययोोोोजजजजनननन(cid:18)(cid:18)(cid:18)(cid:18) ककककेेेे ििििललललएएएए,,,, ''''''''अअअअववववससससररंंररंं चचचचननननाााा'''''''' अअअअििििभभभभ(cid:14)(cid:14)(cid:14)(cid:14)यय यय िििि(cid:26)(cid:26)(cid:26)(cid:26)तत तत सससस ेे ेे अअअअििििभभभभ####ततेेततेे ततततााााररररीीीीखखखख 3333 ममममईईईई,,,, 2222000000000000
कककक(((( फफफफेेेेममममाााा अअअअििििधधधधससससचचूूचचूू ननननाााा 3333////2222000000000000----आआआआररररबबबबीीीी ककककेेेे पपपपररररैैैै ाााा 1111((((iiiivvvv))))((((कककक))))((((कककक)))) ककककेेेे (cid:28)(cid:28)(cid:28)(cid:28)पप पप (cid:16)(cid:16)(cid:16)(cid:16)टट टट ीीीीककककररररणणणण मममम (cid:13)(cid:13) (cid:13)(cid:13)ययययथथथथाााा पपपप----ररररभभभभााााििििषषषषतततत हहहहोोोोगगगगाााा।।।।
(iv) भारत म% (cid:1)कसी िनकाय (cid:18)ारा पूव- िनगमन )य य(cid:24) क(cid:15) (cid:10)ितपूEत के ज(cid:29)रए भारत म% लाए गए िनवेश के पाचं
(cid:10)ितशत अथवा 100,000 अमरीक(cid:15) डालर, जो भी अिधक हो, से अिधक के िव(cid:10)ेषण।
3333.... ####22223333ययययाााा
इस अनुसूची के अतं गत (cid:1)कसी िवदेशी मु(cid:8)ा के आहरण अथवा िव(cid:10)ेषण के िलए (cid:10)(cid:1)Iया उAत उदारीकृत िव(cid:10)ेषण
योजना के अंतग त (cid:1)कसी धनरािश के िव(cid:10)ेषण के िलए लागू होन ेवाली ही होगी।
[फा. सं. 1/6/ईएम/2015]
मनोज जोशी, संयुAत सिचव (िव(cid:19)ीय बाजार)
----टटटट4444पप पप णणणणीीीी :::: मलू िनयम भारत के राजप0, असाधारण के भाग II, खंड 3, उप-खंड (i) म % तारीख 3 मई, 2000 को
सा.का.िन. 381(अ) (cid:18)ारा (cid:10)कािशत (cid:1)कए गए थे।
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 26th May, 2015
G.S.R. 426(E).—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 (42 of 1999), and in
consultation with Reserve Bank, the Central Government having considered it necessary in the public
interest, 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.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
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 held in
Resident Foreign Currency (RFC) Account of the remitter.”;
(ii) for Schedule III, the following shall be substituted, namely:—
“SCHEDULE III (See rule 5)
Facilities for individuals—
1. Individuals can avail of foreign exchange facility for the following purposes within the limit of USD
2,50,000 only. Any additional remittance in excess of the said limit for the following purposes shall require
prior approval of the Reserve Bank of India.
(i) Private visits to any country (except Nepal and Bhutan).
(ii) Gift or donation.
(iii) Going abroad for employment.
(iv) Emigration.
(v) Maintenance of close relatives abroad.
(vi) 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 abroad for medical treatment/ check-up.
(vii) Expenses in connection with medical treatment abroad.
(viii) Studies abroad.
(ix) Any other current account transaction:
Provided that for the purposes mentioned at item numbers (iv), (vii) and (viii), the individual may
avail of exchange facility for an amount in excess of the limit prescribed under the Liberalised Remittance
Scheme as provided in regulation 4 to FEMA Notification 1/2000-RB, dated the 3rd May, 2000 (here in after
referred to as the said Liberalised Remittance 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 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 other
deductions).
Explanation: For the purpose of this item, a person resident in India on account of his
employment or deputation of a specified duration (irrespective of length 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.¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 5
Facilities for persons other than individual -
2. The following remittances by persons other than individuals shall require prior approval of the
Reserve Bank of India.
(i) Donations exceeding one per cent. of their foreign exchange earnings during the previous
three financial years or USD 5,000,000, whichever is less, for-
(a) creation of Chairs in reputed educational institutes,
(b) contribution to funds (not being an investment fund) promoted by educational institutes;
and
(c) contribution to a technical institution or body or association in the field of activity of
the donor Company.
(ii) Commission, per transaction, to agents 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) 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. Secy. (Financial Market)
Note : The principal rules were published in Part II, Section 3, Sub-section (i) of Gazette of India,
Extraordinary, vide G.S.R. 381(E), dated the 3rd May, 2000.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.