Foreign Exchange Management Act, 2000.

This query is : Resolved

sssvkSridharan R. (Querist)
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23 May 2011 As per Rule 3 of the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2001, a person CAN NOT draw foreign exchange for any of the transactions specified in the Schedule I, one of which is
“Payment of commission on exports made towards equity investment in joint ventures/wholly owned subsidiaries abroad of Indian companies.”

Can any of you explain the above transaction with example, please…..

Regards,
Sridharan R.
Salem.

sssvkSridharan R.

sssvkSridharan R. (Querist)
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25 May 2011 Resolved:

https://www.caclubindia.com/ forum/fema-prohibited-current- account-transaction-144641.asp

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