Foreign Exchange Management Act, 2000

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2011 Reg.: Foreign Exchange Management Act, 2000.

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.

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2011 Resolved:
https://www.caclubindia.com/ forum/fema-prohibited-current- account-transaction-144641.asp

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