Master Direction - Other Remittance Facilities (Updated as on September 06, 2024)

RBI/FED/2015-16/4 FED Master Direction No. 8/2015-16 January 1, 2016 (Updated as on September 06, 2024) (Updated as on April 03, 2024) (Updated as on November 6, 2018) (Updated as on February 11, 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 changes in the regulatory framework and published through amendment notifications. 2. Within the contours of the Rules/ Regulations, Reserve Bank of India also issues directions to Authorised Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999. These directions lay down the modalities as to how the foreign exchange business has to be conducted by the Authorised Persons with their customers/constituents with a view to implementing the regulations framed. 3. Instructions issued 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 Regulations or the manner in which relative transactions are to be conducted by the Authorised Persons with their customers/ constituents. The Master Direction issued herewith shall be amended suitably simultaneously. Yours faithfully, (N. Senthil Kumar) General Manager 0INDEX Sr. No. Contents Page No. 1. Release of Foreign Exchange by Authorised Dealers 2 2. Release of Foreign Exchange by Authorised Dealer Category II 3 3. Remittance facilities for resident individuals 4 3.1 Travel 5 3.2 Remittance of salary 6 3.3 Meeting of medical expenses of NRI close relatives by resident 7 individuals 3.4 International Credit cards/International Debit cards/Store value 7 cards etc. by Authorised Dealers in India 4. Remittance facilities for others 10 4.1 Gift/donation 10 4.2 Commission to agents abroad for sale of residential flats or 10 commercial plots in India 4.3 Remittance towards consultancy services 10 4.4 Remittance towards re-imbursement of pre-incorporation 10 expenses 4.5 Payment of fees in foreign currency- Embassy affiliated 11 educational institutions 4.6 Remittance towards payment of collected subscription to 11 overseas TV media company 4.7 Bids in foreign currency for projects to be executed in India 11 4.8 Sale of overseas telephone cards 11 4.9 Liberalization of foreign technical collaboration agreements 11 4.10 Drawal of foreign exchange for remittance for purchase of 12 trademark or franchise in India 4.11 Remittances for making tour arrangements by agents 12 5. Issue of Guarantee-Import of service 13 6. Operational instructions to Authorised Persons 13 7. Income tax clearance 14 Annex 1-FEM (CAT) Rules, 2000 15 Annex 2- Form A2 21 Appendix 28 11. 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) Rules, 2000 (hereinafter referred to as the Rules) notified by the Government of India vide Notification No. G.S.R.381 (E) dated May 3, 2000, (Annex-1) as amended from time to time. In terms of the said Rules, drawal of foreign exchange for certain categories of transactions listed in Schedule I is expressly prohibited. Exchange facilities for transactions included in Schedule II to the Rules may be permitted by the Authorised Dealer banks provided the applicant has secured the approval from the Ministry/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 to the Regional Office concerned of the Foreign Exchange Department of the Reserve Bank, under whose jurisdiction the applicant is functioning / residing. 1.2. “Drawal” of foreign exchange also includes use of International Credit Cards (ICC), International Debit Cards (IDC), ATM cards, etc. “Currency”, interalia, includes ICC, IDC and ATM Cards. Accordingly, all Rules, Regulations made and Direction issued under the Act apply to the use of ICC, IDC and ATM Cards. 1.3. Release of foreign exchange is 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 2under different names like money circulation scheme or remittances for the purpose of securing prize money/awards, etc. 1.5. Fraudulent offers: There is a spate of fictitious offers of cheap funds in recent times from fraudsters through letters, e-mails, mobile phones, SMS, etc. Communications on fake letterheads of the Reserve Bank and purportedly signed by its top executives / senior officials are also being sent to targeted people. Many residents have been victims of such offers and lost huge money in the process. The Reserve Bank has alerted the public on several occasions about such fictitious schemes/ offers, through the print and the electronic 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. AD Category - I banks must, therefore, exercise due caution and to be extra vigilant while opening or allowing transactions in such accounts. Any person resident in India collecting and effecting / remitting such payments directly /indirectly outside India would make himself/ herself liable to be proceeded against with, for contravention of the Foreign Exchange Management Act, 1999, besides being liable for violation of regulations relating to Know Your Customer (KYC) norms / Anti Money Laundering (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. Accordingly, Authorised Dealer – Category II are authorised to release / remit foreign exchange for the following non-trade current account transactions: 3a) Private visits, b) Remittance by tour operators / travel agents to overseas agents / principals / hotels, c) Business travel, d) Fee for participation in global conferences and specialized training, e) Remittance for participation in international events / competitions (towards training, sponsorship and prize money), f) Film shooting, g) Medical treatment abroad, h) Disbursement of crew wages, i) Overseas education, j) Remittance under educational tie up arrangements with universities abroad, k) Remittance towards fees for examinations held in India and abroad and additional score sheets for GRE, TOEFL, etc. l) Employment and processing, assessment fees for overseas job applications, m) Emigration and emigration consultancy fees, n) Skills / credential assessment fees for intending migrants, o) Visa fees, p) Processing fees for registration of documents as required by the Portuguese / other Governments, q) Registration / subscription / membership fees to International Organisations. 3. Remittance facilities for resident individuals: Remittances for current account transactions (viz. private visit; gift/donation; going abroad on employment; emigration; maintenance of close relatives abroad; business trip; medical treatment abroad; studies abroad) available to resident individuals under Para 1 of Schedule III to Foreign Exchange Management (Current Account Transactions) Amendment 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 4exchange 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 traveller, exchange in the form of foreign currency notes and coins may be sold up to the limit indicated below: i. Travellers proceeding to countries other than Iraq, Libya, Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States - not exceeding USD 3000 per visit or its equivalent. ii. Travellers proceeding to Iraq or Libya - not exceeding USD 5000 per visit or its equivalent. iii. Travellers proceeding to Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States - full exchange may be released. iv. 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 including cost of rail/road/water transportation charges outside India and remittances relating towards cost of Euro Rail; passes/tickets, etc. for Indian travellers, and overseas hotel/flight charges have been subsumed under the new enhanced LRS limit of USD 250,000. 3.1.3. Period of surrender of foreign exchange (i) In case the foreign exchange purchased for a specific purpose is not utilized for that purpose, it could be utilized for any other eligible purpose for which drawal of foreign exchange is permitted under the relevant Rules / Regulation. 5(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, Authorised Person should not refuse to purchase the foreign exchange merely on the ground that the prescribed period has expired. (iii) The liberalised uniform time limit of 180 days is applicable only to resident individuals and in areas other than export of goods and services. In all other cases, the regulations / directions on surrender requirement shall remain unchanged. (Notification No. FEMA 9/2000-RB dated May 3, 2000, as amended from time to time). 3.1.4. Unspent foreign exchange A returning 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 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. 63.3. 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 1Section 2 (77) of the Companies Act, 2013) 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 Cards/International Debit Cards/Store value cards etc. by Authorised Dealers in India: 3.4.1. International Credit Cards (ICC) i. The restrictions contained in Rule 5 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 will not be applicable for use of International Credit Cards (ICCs) by residents for making payment towards expenses, while on a visit outside India. ii. Residents can use ICCs on internet for any purpose for which exchange can be purchased from an Authorised Dealer in India, e.g. for import of books, purchase of downloadable software or import of any other item permissible under Foreign Trade Policy (FTP). iii. 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. iv. There is no aggregate monetary ceiling separately prescribed for use of ICCs through internet. v. Resident individuals maintaining foreign currency accounts with an Authorised Dealer in India or a bank abroad, as permissible under extant Foreign Exchange Regulations, are free to obtain ICCs issued by overseas banks and other reputed agencies. The charges incurred against the card either in India or abroad, can be met out of funds held in such foreign currency account/s of the card holder or through remittances, if any, from India only through a bank where the card holder has a current or savings account. The remittance for this purpose should also be made directly to the card issuing agency abroad, 1 “Section 6 of the Companies Act, 1956” replaced with “Section 2(77) of the Companies Act, 2013”. 7and 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. vi. Use of ICC for payment in foreign exchange in Nepal and Bhutan is not permitted. vii. ADs may issue ICCs to NRIs/PIOs, without prior approval of the Reserve Bank, subject to the condition that charges on the use of ICCs should be settled by the concerned NRIs/PIOs only out of inward remittances or balances held in their Non-Resident External (NRE) Accounts/ Foreign Currency Non-Resident (FCNR) Accounts. 3.4.2. International Debit Cards (IDC) i. Banks authorised to deal in foreign exchange may issue International Debit Cards (IDCs) which can be used by a resident for drawing cash or making payment to a merchant establishment overseas during his visit abroad. IDCs can 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. ii. 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. Use of credit / debit cards for payments for airline tickets In certain cases where the payment for the tickets are made by the residents using credit /debit card, Card Companies have been providing arrangements to the foreign airlines operating in India to select the country and currency of their choice, in respect of transactions arising from the sale of the air tickets in India in Indian Rupees (INR). In such transactions, the overseas bank as the acquiring bank receives the funds from card issuing 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 8Category- I banks may, therefore, advise the foreign airlines to discontinue the practice of using overseas banks for settlement of INR transactions on account of sale of air tickets in India. 3.4.4. Store Value Cards/ Charge Cards/ Smart Cards, etc. Authorised Dealer banks may issue Store Value Card/ Charge Card/ Smart Card to residents traveling on private/business visit abroad which are used for making payments at overseas merchant establishments and also for drawing cash from ATM terminals. No prior permission from the Reserve Bank is required for issue of such cards. However, the use of such cards is limited to permissible current account transactions and subject to the prescribed limits under the FEM (CAT) Rules, 2000, as amended from time to time. The fees/charges payable in India, on such instruments/cards, have to be denominated and settled in Rupees only2. 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 facilities available to the user will have to be similar. Accordingly, all such Authorised Persons shall redeem the unutilized balance outstanding in the cards immediately upon request by the resident Indians to whom the cards are issued subject to retention of: i. Amounts that are authorized and remain unclaimed/ not settled by the acquirers as of the date of redemption till the completion of the respective settlement cycle; ii. A small balance not exceeding US$ 100, for meeting any pipeline transactions till the completion of the respective settlement cycle; and iii. Transaction fees / service tax payable in India in Rupees. 2 Inserted vide A.P. (DIR Series) Circular No. 04 dated May 09, 2023. 9iv. 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 donations up-to 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. Any additional remittance in excess of the same shall require prior approval of the Reserve 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.3 4.2. Commission to agents abroad for sale of residential flats or commercial plots in India Remittances by persons other than individuals shall require prior approval of the Reserve Bank of India if commission per transaction to agents abroad for sale of residential flats or commercial plots in India exceeds USD 25,000 or five percent of the inward remittance whichever is more. 4.3. Remittances 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 3 Omitted as a corrigendum 10consultancy 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, as amended from time to time. 4.4. Remittances towards re-imbursement of pre-incorporation expenses Remittances by persons other than individuals shall require prior approval of the Reserve Bank of India for 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. 4.5. Payment of fees in foreign currency - Embassy affiliated 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 eligible to advertise on overseas TV channels without any prior permission from the Reserve Bank. 4.7. Bids in foreign currency for projects to be executed in India Persons resident in India are permitted to incur liability in foreign exchange and to make or to receive payments in foreign exchange, in respect of global bids where the Central Government has authorised such projects to be executed in India. In such cases, authorised dealers may sell foreign exchange to the concerned resident Indian company which has been awarded the contract. 114.8. 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 collaboration agreements without the approval of Ministry of Commerce and Industry, Government of India. 4.10. Drawal of foreign exchange for remittance for purchase of trademark or franchise in India AD Category-I banks may permit drawal of foreign exchange by person for purchase of trademark or franchise in India without approval of the Reserve Bank. 4.11. Remittances for making tour arrangements by agents 4.11.1. Authorised Dealers may effect remittances at the request of agents in India who have tie-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 name of agents in India who have tie up arrangements with hotels/ agents, etc., abroad for providing hotel accommodation or making other tour arrangements for travellers from India provided:- i) the credits to the account are by way of depositing a. collections made in foreign exchange from travellers; and b. refunds received from outside India on account of cancellation of bookings / tour arrangements, etc., and ii) the debits in foreign exchange are for making payments towards hotel accommodation, tour arrangements, etc., outside India. 124.11.3. 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 visiting India and neighbouring countries like Nepal, Bangladesh, Sri Lanka, etc., against advance payments/ reimbursement through an Authorised Dealer, part of the foreign exchange received in India against such consolidated tour arrangement, may require to be remitted from India to these neighbouring countries for services rendered by travel agents and hoteliers in these countries. Authorised Dealer may allow such remittances after verifying that the amount being remitted to the neighbouring 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: i. The AD Category-I bank is satisfied about the bonafides of the transaction. ii. The AD Category-I bank ensures submission of documentary evidence for import of services in the normal course. iii. The guarantee is to secure a direct contractual liability arising out of a contract between a resident and a non-resident. 5.2. In the case of a Public Sector Company or a Department/ Undertaking of the Government of India/ State Governments, approval from the Ministry of Finance, Government of India for issue of guarantee for an amount exceeding USD 100,000 (USD One hundred thousand) or its equivalent would be required. 136. 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 Dealer is required to obtain a declaration and such other information from the person (applicant) on whose behalf the transaction is being undertaken that will reasonably satisfy him that the transaction is not designed to contravene or evade the provisions of the Act or any of the Rules or Regulations made or Notifications or directions or orders issued under the Act. Authorised Dealers should preserve the information / documents obtained by them from the applicant before undertaking the transactions 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 / evasion is contemplated by the person, report the matter to the Reserve Bank. 6.4. For payments other than imports and remittances covering intermediary trade transactions, applicant needs to fill up Form A2 (Annex 2). The Form A2 should be retained for a period of one year by the Authorised Persons, together with the related documents, for the purpose of verification by their Internal Auditors. 6.5. 4Authorised Dealers shall obtain Form A2 in physical or digital form for all cross-border remittances, irrespective of the value of transaction, and other related documents, if and as may be necessary, subject to provisions of 4 Modified vide AP (DIR Series) Circular 12 dated July 03, 2024 & AP (DIR Series) Circular 13 dated July 03, 2024 14Section 10(5) of FEMA 1999. They shall frame appropriate internal guidelines, with the approval of their Board, for the purpose. The Authorised Dealers shall continue to comply with the relevant provisions of FEMA 1999 and ‘Master Direction – Know Your Customer (KYC) Direction, 2016’ as updated from time to time, issued by Department of Regulation, RBI, for all transactions. 7. Income- tax clearance Reserve Bank of India will not issue any instructions under the FEMA, regarding the procedure to be followed in respect of deduction of tax at source while allowing remittances to the non-residents. It shall be mandatory on the part of Authorised Dealers to comply with the requirement of the tax laws, as applicable. 15Annex -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 considered it necessary in the public interest, makes the following rules, namely:-- 1. Short title and commencement.---(1) These rules may be called the Foreign Exchange Management (Current Account Transactions) Rules, 2000; (2) They shall come into effect on the 1st day of June 2000. 2. Definitions---In these rules, unless the context otherwise requires: (a) “Act” means the Foreign Exchange Management Act, 1999 (42 of 1999); (b) “Drawal” means drawal of foreign exchange from an authorised person and includes 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 for the following purpose is prohibited, namely: a. a transaction specified in the Schedule I; or b. a travel to Nepal and/or Bhutan; or c. a transaction with a person resident in Nepal or Bhutan. Provided that the prohibition in clause (c) may be exempted by RBI subject to such terms and conditions as it may consider necessary to stipulate by special or general order. 164. Prior approval of Government of India---No person shall draw foreign exchange for a transaction included in the Schedule II without 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 contained in Rule 4 or Rule 5 shall apply to drawal made out of funds held in Exchange Earners’ Foreign Currency (EEFC) account of the remitter. (2) Notwithstanding anything contained in sub-rule (1), restrictions imposed under rule 4 or rule 5 shall continue to apply where the drawal of foreign exchange from the Exchange Earners Foreign Currency (EEFC) Account is for the purpose specified in items 10 and 11 of Schedule II, or item 3, 4, 11, 16 & 17 of Schedule III as the case may be. 7. Use 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. 17Schedule 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, sweepstakes, etc. 4. Payment of commission on exports made towards equity investment in Joint Ventures / Wholly Owned Subsidiaries abroad of Indian companies. 5. Remittance of dividend by any company to which the requirement of dividend balancing is applicable. 6. Payment of commission on exports under Rupee State Credit Route, except commission up to 10% of invoice value of exports of tea and tobacco. 7. Payment related to "Call Back Services" of telephones. 8. Remittance of interest income on funds held in Non-Resident Special Rupee (Account) Scheme. 18Schedule 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 Ministry of Finance, (Department of purposes other than promotion of tourism, Economic Affairs) foreign investments and international bidding (exceeding USD 10,000) by a State Government and its Public Sector Undertakings 3. Remittance of freight of vessel chartered by a Ministry of Surface Transport, (Chartering PSU Wing) 4. Payment of import through ocean transport Ministry of Surface Transport, (Chartering by a Govt. Department or a PSU on c.i.f. basis Wing) (i.e. other than f.o.b. and f.a.s. basis) 5. Multi-modal transport operators making Registration Certificate from the Director remittance to their agents abroad General of Shipping 6. Remittance of hiring charges of transponders Ministry of Information and Broadcasting by Ministry of Communication and (a) TV Channels Information Technology (b) Internet Service providers 7. Remittance of container detention charges Ministry of Surface Transport (Director exceeding the rate prescribed by Director General of Shipping) General of Shipping 8. omitted 9. Remittance of prize money/sponsorship of Ministry of Human Resources sports activity abroad by a person other than Development (Department of Youth International / National / State Level sports Affairs and Sports) bodies, if the amount involved exceeds USD 100,000. 10. Omitted 11. Remittance for membership of P&I Club Ministry of Finance (Insurance Division) 19SCHEDULE III (See rule 5) Notified by GOI Notification No. G.S.R 426(E) dated May 26, 2015 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: 20provided 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. 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. 21(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. 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. 225Annex-2 FORM A2 (To be completed by the applicant) FORM A2 AD Code No.__________________________ Form No._____________________________ (For payments other (To be filled in by the Authorised Dealer) than imports and remittances covering intermediary trade) Currency_____ Amount ___Equivalent to Rs. ____ (To be completed by the Authorised Dealer) Application for Remittance Abroad I/We _____________________________________________________________ (Name of applicant remitter) PAN No. __________________________________________________________ Address___________________________________________________________ authorize __________________________________________________________________ (Name of AD branch) To debit my Savings Bank/ Current/ RFC/ EEFC A/c. No. ____________________ together with their charges and * a) Issue a draft : Beneficiary's Name _________________________________ Address _________________________________ * b) Effect the foreign exchange remittance directly – 1) Beneficiary's Name __________________________________ 2) Name and address of the bank __________________________________ 3) Account No. __________________________________ * c) Issue travelers cheques for __________________________________ * d) Issue foreign currency notes for __________________________________ Amount (specify currency) __________________________________ * (Strike out whichever is not applicable) for the purpose/s indicated below Sr. Whether under LRS Purpose Code Description No. (Yes/No) As per the Annex (Remitter should put a tick (√ ) against an appropriate purpose code. In case of doubt/ difficulty, the AD bank should be consulted). 5 Annex 2 replaced vide AP (Dir Series) Circular 50 dated February 11, 2016 23Declaration (Under FEMA 1999) 1. # I, ………………. …………(Name), hereby declare that the total amount of foreign exchange purchased from or remitted through, all sources in India during the financial year including this application is within the overall limit of the Liberalised Remittance Scheme prescribed by the Reserve Bank of India and certify that the source of funds for making the said remittance belongs to me and the foreign exchange will not be used for prohibited purposes. Details of the remittances made/transactions effected under the Liberalised Remittance Scheme in the current financial year (April- March) ..…….. Sl. Date Amount Name and address of AD branch/FFMC through which No the transaction has been effected 2. # The total amount of foreign exchange purchased from or remitted through, all sources in India during this calendar year including this application is within USD _______________________ (USD ____________) the annual limit prescribed by Reserve Bank of India for the said purpose. 3. # Foreign exchange purchased from you is for the purpose indicated above. # (Strike out whichever is not applicable ) Signature of the applicant (Name) Date: Certificate by the Authorised Dealer This is to certify that the remittance is not being made by/ to ineligible entities and that the remittance is in conformity with the instructions issued by the Reserve Bank from time to time under the Scheme. Name and designation of the authorised official: Stamp and seal Signature: Date: Place: 24Purpose Codes for Reporting under FETERS A. Payment Purposes (for use in BOP file) Gr. No. Purpose Group Purpose Description Name Code 00 Capital Account S0017 Acquisition of non-produced non-financial assets (Purchase of intangible assets like patents, copyrights, trademarks etc., land acquired by government, use of natural resources) – Government S0019 Acquisition of non-produced non-financial assets (Purchase of intangible assets like patents, copyrights, trademarks etc., use of natural resources) – Non-Government S0026 Capital transfers (Guarantees payments, Investment Grand given by the government/international organisation, exceptionally large Non-life insurance claims) – Government S0027 Capital transfers (Guarantees payments, Investment Grand given by the Non-government, exceptionally large Non-life insurance claims) – Non- Government S0099 Other capital payments not included elsewhere Financial Account Foreign Direct S0003 Indian Direct investment abroad (in branches & wholly owned Investments subsidiaries) in equity Shares S0004 Indian Direct investment abroad (in subsidiaries and associates) in debt instruments S0005 Indian investment abroad – in real estate S0006 Repatriation of Foreign Direct Investment made by overseas Investors in India – in equity shares S0007 Repatriation of Foreign Direct Investment in made by overseas Investors India – in debt instruments S0008 Repatriation of Foreign Direct Investment made by overseas Investors in India – in real estate Foreign Portfolio S0001 Indian Portfolio investment abroad – in equity shares Investments S0002 Indian Portfolio investment abroad – in debt instruments S0009 Repatriation of Foreign Portfolio Investment made by overseas Investors in India – in equity shares S0010 Repatriation of Foreign Portfolio Investment made by overseas Investors in India – in debt instruments External S0011 Loans extended to Non-Residents Commercial S0012 Repayment of long & medium term loans with original maturity above Borrowings one year received from Non-Residents Short term S0013 Repayment of short term loans with original maturity up to one year Loans received from Non-Residents Banking Capital S0014 Repatriation of Non-Resident Deposits (FCNR(B)/NR(E)RA etc) S0015 Repayment of loans & overdrafts taken by ADs on their own account. S0016 Sale of a foreign currency against another foreign currency Financial S0020 Payments made on account of margin payments, premium payment and Derivatives and settlement amount etc. under Financial derivative transactions. Others S0021 Payments made on account of sale of share under Employee stock option S0022 Investment in Indian Depositories Receipts (IDRs) S0023 Opening of foreign currency account abroad with a bank 25Gr. No. Purpose Group Purpose Description Name Code External S0024 External Assistance extended by India. e.g. Loans and advances Assistance extended by India to Foreign governments under various agreements S0025 Repayments made on account of External Assistance received by India. 01 Imports S0101 Advance payment against imports made to countries other than Nepal and Bhutan S0102 Payment towards imports- settlement of invoice other than Nepal and Bhutan S0103 Imports by diplomatic missions other than Nepal and Bhutan S0104 Intermediary trade/transit trade, i.e., third country export passing through India S0108 Goods acquired under merchanting / Payment against import leg of merchanting trade* S0109 Payments made for Imports from Nepal and Bhutan, if any 02 Transport S0201 Payments for surplus freight/passenger fare by foreign shipping companies operating in India S0202 Payment for operating expenses of Indian shipping companies operating abroad S0203 Freight on imports – Shipping companies S0204 Freight on exports – Shipping companies S0205 Operational leasing/Rental of Vessels (with crew) –Shipping companies S0206 Booking of passages abroad – Shipping companies S0207 Payments for surplus freight/passenger fare by foreign Airlines companies operating in India S0208 Operating expenses of Indian Airlines companies operating abroad S0209 Freight on imports – Airlines companies S0210 Freight on exports – Airlines companies S0211 Operational leasing / Rental of Vessels (with crew) – Airline companies S0212 Booking of passages abroad – Airlines companies S0214 Payments on account of stevedoring, demurrage, port handling charges etc.(Shipping companies) S0215 Payments on account of stevedoring, demurrage, port handling charges, etc.(Airlines companies) S0216 Payments for Passenger - Shipping companies S0217 Other payments by Shipping companies S0218 Payments for Passenger - Airlines companies S0219 Other Payments by Airlines companies S0220 Payments on account of freight under other modes of transport (Internal Waterways, Roadways, Railways, Pipeline transports and others) S0221 Payments on account of passenger fare under other modes of transport (Internal Waterways, Roadways, Railways, Pipeline transports and others) S0222 Postal & Courier services by Air S0223 Postal & Courier services by Sea S0224 Postal & Courier services by others 03 Travel S0301 Business travel. S0303 Travel for pilgrimage S0304 Travel for medical treatment 26Gr. No. Purpose Group Purpose Description Name Code S0305 Travel for education (including fees, hostel expenses etc.) S0306 Other travel (including holiday trips and payments for settling international credit cards transactions) 05 Construction S0501 Construction of projects abroad by Indian companies including import of Services goods at project site abroad S0502 Cost of construction etc. of projects executed by foreign companies in India. 06 Insurance and S0601 Life Insurance premium except term insurance Pension Services S0602 Freight insurance – relating to import & export of goods S0603 Other general insurance premium including reinsurance premium; and term life insurance premium S0605 Auxiliary services including commission on insurance S0607 Insurance claim Settlement of non-life insurance; and life insurance (only term insurance) S0608 Life Insurance Claim Settlements S0609 Standardised guarantee services S0610 Premium for pension funds S0611 Periodic pension entitlements e.g. monthly quarterly or yearly payments of pension amounts by Indian Pension Fund Companies. S0612 Invoking of standardised guarantees 07 Financial Services S0701 Financial intermediation, except investment banking - Bank charges, collection charges, LC charges etc. S0702 Investment banking – brokerage, under writing commission etc. S0703 Auxiliary services – charges on operation & regulatory fees, custodial services, depository services etc. 08 TelecommunicatioS0801 Hardware consultancy/implementation n, Computer & S0802 Software consultancy / implementation Information S0803 Data base, data processing charges Services S0804 Repair and maintenance of computer and software S0805 News agency services S0806 Other information services- Subscription to newspapers, periodicals S0807 Off-site software imports S0808 Telecommunication services including electronic mail services and voice mail services S0809 Satellite services including space shuttle and rockets etc. 09 Charges for the S0901 Franchises services use of S0902 Payment for use, through licensing arrangements, of produced originals intellectual or prototypes (such as manuscripts and films), patents, copyrights, property (not trademarks and industrial processes etc. included elsewhere) 10 Other Business S1002 Trade related services – commission on exports / imports Services S1003 Operational leasing services (other than financial leasing) without operating crew, including charter hire- Airlines companies S1004 Legal services S1005 Accounting, auditing, book-keeping services S1006 Business and management consultancy and public relations services S1007 Advertising, trade fair service 27Gr. No. Purpose Group Purpose Description Name Code S1008 Research & Development services S1009 Architectural services S1010 Agricultural services like protection against insects & disease, increasing of harvest yields, forestry services. S1011 Payments for maintenance of offices abroad S1013 Environmental Services S1014 Engineering Services S1015 Tax consulting services S1016 Market research and public opinion polling service S1017 Publishing and printing services S1018 Mining services like on–site processing services analysis of ores etc. S1020 Commission agent services S1021 Wholesale and retailing trade services. S1022 Operational leasing services (other than financial leasing) without operating crew, including charter hire- Shipping companies S1023 Other Technical Services including scientific/space services. S1099 Other services not included elsewhere 11 Personal, Cultural S1101 Audio-visual and related services like Motion picture and video tape & production, distribution and projection services. Recreational S1103 Radio and television production, distribution and transmission services services S1104 Entertainment services S1105 Museums, library and archival services S1106 Recreation and sporting activities services S1107 Education (e.g. fees for correspondence courses abroad ) S1108 Health Service (payment towards services received from hospitals, doctors, nurses, paramedical and similar services etc. rendered remotely or on-site) S1109 Other Personal, Cultural & Recreational services 12 Govt. not S1201 Maintenance of Indian embassies abroad included S1202 Remittances by foreign embassies in India elsewhere 13 Secondary S1301 Remittance for family maintenance and savings Income S1302 Remittance towards personal gifts and donations S1303 Remittance towards donations to religious and charitable institutions abroad S1304 Remittance towards grants and donations to other governments and charitable institutions established by the governments. S1305 Contributions/donations by the Government to international institutions S1306 Remittance towards payment / refund of taxes. S1307 Outflows on account of migrant transfers including personal effects 14 Primary Income S1401 Compensation of employees S1402 Remittance towards interest on Non-Resident deposits (FCNR(B)/NR(E)RA, etc.) S1403 Remittance towards interest on loans from Non-Residents (ST/MT/LT loans) e.g. External Commercial Borrowings, Trade Credits, etc. S1405 Remittance towards interest payment by ADs on their own account (to VOSTRO a/c holders or the OD on NOSTRO a/c.) 28Gr. No. Purpose Group Purpose Description Name Code S1408 Remittance of profit by FDI enterprises in India (by branches of foreign companies including bank branches) S1409 Remittance of dividends by FDI enterprises in India (other than branches) on equity and investment fund shares S1410 Payment of interest by FDI enterprises in India to their Parent company abroad. S1411 Remittance of interest income on account of Portfolio Investment in India S1412 Remittance of dividends on account of Portfolio Investment in India on equity and investment fund shares 15 Others S1501 Refunds / rebates / reduction in invoice value on account of exports S1502 Reversal of wrong entries, refunds of amount remitted for non-exports S1503 Payments by residents for international bidding S1504 Notional sales when export bills negotiated/ purchased/ discounted are dishonored/ crystallised/ cancelled and reversed from suspense account S1505 Deemed Imports (exports between SEZ, EPZs and Domestic tariff areas) 16 Maintenance and S1601 Payments on account of maintenance and repair services rendered for repair services Vessels, ships, boats, warships, etc. (not included S1602 Payments on account of maintenance and repair services rendered for elsewhere) aircrafts, space shuttles, rockets, military aircrafts, helicopters, etc. 17 Manufacturing S1701 Payments for processing of goods services (goods for processing) 29APPENDIX Sl. No. Circular No. Title Date 1. A.P.(DIR Series) Circular No.1 Foreign Exchange Management Act June 1, 2000 (FEMA), 1999 2. A.P.(DIR Series) Circular No.19 Foreign Exchange Management October 30, 2000 Act, 1999 - Foreign Travel 3. A.P.(DIR Series) Circular No.20 Foreign Exchange Management November 16, Act, 1999 Foreign Travel 2000 4. A.P.(DIR Series) Circular No.11 Release of Foreign Exchange for November 13, visits abroad - Currency Component 2001 5. A.P.(DIR Series) Circular No.53 Use of Credit Cards June 27, 2002 6. A.P. (DIR Series) Circular No.37 Resident Foreign Currency November 1, 2002 (Domestic) Account - Facility for Resident Individuals 7. A.P.(DIR Series) Circular No.51 Increase in release of foreign November 18, exchange for private visits abroad 2002 8. A.P. (DIR Series) Circular No.53 Resident Foreign Currency November 23, (Domestic) Account - Facility for 2002 Resident Individuals 9. A.P. (DIR Series) Circular No.54 Remittance of Foreign Exchange for November 25, Miscellaneous purposes 2002 10. A.P. (DIR Series) Circular No.64 Resident Foreign Currency December 24, (Domestic) Account – Facility for 2002 Resident Individuals 11. A.P. (DIR Series) Circular No.65 Foreign Exchange Management Act, January 6, 2003 1999 – Advance Remittances for Services to be Rendered 12. A.P. (DIR Series) Circular No.73 Foreign Exchange Management Act, January 24, 2003 1999 – Current Account Transactions – Use of International Credit Cards abroad 13. A.P. (DIR Series) Circular No.103 International Credit Cards - May 21, 2003 Liberalisation of Facilities for Residents 14. A.P. (DIR Series) Circular No.3 Current Account Transactions - July 17, 2003 Liberalisation 15. A.P. (DIR Series) Circular No.7 Current Account Transactions - August 12, 2003 Liberalisation - Clarifications 16. A.P. (DIR Series) Circular No.8 Foreign Exchange Management Act, August 16, 2003 1999 17. A.P. (DIR Series) Circular No.33 Foreign Exchange Management Act, November 13, 1999 - Current Account 2003 Transactions – Liberalisation 18. A.P. (DIR Series) Circular No.64 Liberalised Remittance Scheme of February 4, 2004 USD 25,000 for Resident Individuals 19. A.P. (DIR Series) Circular No.71 Export of Goods to Russia against February 20, 2004 30Sl. No. Circular No. Title Date Repayment of State Credits in Rupees – Payment of Agency Commission 20. A.P. (DIR Series) Circular No.76 Foreign Exchange Management Act February 24, 2004 (FEMA), 1999 – Current Account Transactions – Liberalisation 21. A.P. (DIR Series) Circular No.77 Foreign Exchange Management Act, March 13, 2004 1999 - Guidelines for Compilation of R-Returns 22. A.P. (DIR Series) Circular No.86 FEMA 1999 – Current Account April 17, 2004 Transactions – Remittance for maintenance of close relatives abroad- Requests of Indian Nationals on deputation to India from Overseas Companies 23. A.P. (DIR Series) Circular No.20 Foreign Exchange Management Act October 25, 2004 (FEMA), 1999 – Current Account Transactions – Remittance of Hiring Charges of Transponders – Procedural Changes 24. A.P. (DIR Series) Circular No.38 Liberalised Remittance Scheme of March 31, 2005 USD 25,000 for Resident Individuals 25. A.P. (DIR Series) Circular No.46 Use of International Debit June 14, 2005 Cards/Store Value Cards/Charge Cards/Smart Cards by Resident Indians while on a visit outside India 26. A.P. (DIR Series) Circular No.25 Authorised Persons- Categorisation March 6, 2006 27. A.P. (DIR Series) Circular No.13 Issue of Bank Guarantee on behalf November 17, of service importers 2006 28. A.P. (DIR Series) Circular No. 14 Foreign Exchange Management Act November 28, (FEMA), 1999 – Current Account 2006 Transactions – Liberalisation 29. A.P. (DIR Series) Circular No. 24 Liberalised Remittance Scheme of December 20, USD 50,000 for Resident Individuals 2006 30. A.P. (DIR Series) Circular No. 38 Foreign Exchange Management Act April 5, 2007 (FEMA), 1999 Current Account Transaction Rules – Amendment 31. A.P. (DIR Series) Circular No. 58 Foreign Exchange Management May 18, 2007 (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2000 32. A.P. (DIR Series) Circular No. 9 Liberalised Remittance Scheme for September 26, Resident Individuals- Enhancement 2007 of limit from USD 100,000 to USD 200,000 31Sl. No. Circular No. Title Date 33. A.P. (DIR Series) Circular No. 36 Liberalised Remittance Scheme for April 4, 2008 Resident Individuals - Reporting 34. Foreign Exchange Management (Current Foreign Exchange Management May 3, 2000 Account Transactions) Rules, 2000 (Current Account Transactions) Rules,2000 35. A.P. (DIR Series) Circular No.15 Foreign Exchange Management Act, September 8, 1999 – 2008 Advance Remittances for Import of Services 36. A.P. (DIR Series) Circular No.40 Foreign Exchange Management Act, December 10, A.P. (F. L. Series) Circular No.03 1999 – 2008 Foreign Travel – Mode of payment in Rupees 37. A.P. (DIR Series) Circular No.11 Issue of Bank Guarantee on behalf October 5, 2009 of service importers 38. A.P. (DIR Series) Circular No. 50 Release of Foreign Exchange for May 4, 2010 A.P.(FL Series) Circular No. 7 Visits Abroad – Currency Component 39. A.P. (DIR Series) Circular No.52 Foreign Exchange Management Act May 13, 2010 (FEMA), 1999 Current Account Transactions – Liberalisation 40. A.P. (DIR Series) Circular No.29 Use of International Debit Cards/ December 22, Store Value Cards/Charge 2010 Cards/Smart Cards by resident Indians while on a visit outside India 41. A.P. (DIR Series) Circular No. 48 Acquisition of credit card/debit card April 5, 2011 transactions in India by overseas banks - payments for airline tickets 42. A.P. (DIR Series) Circular No. 17 Gift in Rupees by Resident September 16, Individuals to NRI close relatives 2011 43. A.P. (DIR Series) Circular No. 18 Loans in Rupees by resident September 16, individuals to NRI close relatives 2011 44. A.P. (DIR Series) Circular No. 32 Liberalised Remittance Scheme for October 10, 2011 Resident Individuals- Revised Application cum Declaration form 45. A.P. (DIR Series) Circular No. 37 (i) Repatriation of income and sale October 19, 2011 proceeds of assets held abroad by NRIs who have returned to India for permanent settlement (ii) repatriation of income and sale proceeds of assets acquired abroad through remittances under Liberalised Remittance Scheme - Clarification 32Sl. No. Circular No. Title Date 46. A.P. (DIR Series) Circular No. 90 Clarification - Liberalised Remittance March 6, 2012 Scheme for Resident Individuals 47. A.P. (DIR Series) Circular No. 102 Use of International Debit April 2, 2012 Cards/Store Value Cards/Charge Cards/Smart Cards by Resident Indians while on a visit outside India 48. A.P. (DIR Series) Circular No. 106 Liberalised Remittance Scheme for May 23, 2013 Resident Individuals – Reporting 49. A.P. (DIR Series) Circular No.24 Liberalised Remittance Scheme for August 14, 2013 Resident Individuals- Reduction of limit from USD 200,000 to USD 75,000 50. A.P. (DIR Series) Circular No. 32 Liberalized Remittance Scheme – September 4, Clarifications 2013 51. A.P. (DIR Series) Circular No. 138 LRS for resident individuals- June 3, 2014 Increase in the limit from USD 75,000 to USD 125,000 52. A.P.(DIR Series) Circular No. 5 LRS for resident individuals- July 17, 2014 Increase in the limit from USD 75,000 to USD 125,000 53. A.P. (DIR Series) Circular No. 19 Liberalised Remittance Scheme for August 11, 2014 resident individuals-clarification 54. A.P. (DIR Series) Circular No. 40 Release of Foreign Exchange for November 21, Haj/ Umrah pilgrimage 2014 55. A.P.(DIR Series) Circular No. 106 I. LRS for resident individuals- June 01, 2015 increase in the limit from USD 125,000 to USD 250,000 and rationalisation of current account transactions. II. Remittance facilities for persons other than individuals 56. A.P.(DIR Series) Circular No. 50 Compilation of R-Returns: Reporting February 11, 2016 under FETERS 57. A.P. (DIR Series) Circular No. 04 Levy of charges on forex prepaid May 09, 2023 cards/store value cards/travel cards, etc. 58. A.P. (DIR Series) Circular No. 12 Online submission of Form A2: July 03, 2024 Removal of limits on amount of remittance 59. A.P. (DIR Series) Circular No. 13 Release of foreign exchange for July 03, 2024 Miscellaneous Remittances 33