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A note on Outward remittance: Rules & Regulations

1. Outward remittance is governed by FEMA (current account transactions) Rules, 2000


2. As per Section 3 of the said act in respect of the items mentioned in Schedule I, the drawal of foreign exchange is prohibited.


3. As per Section 4 of the Act in respect of 11 items mentioned in Schedule II, prior approval of Government is required.


4. As per Section 5 of the Act in respect of 18 items mentioned in the Schedule III, prior approval of Reserve Bank of India is required.


5. As per item no 15 of Schedule III, Remittance exceeding USD 10,00,000 per project (per financial year) requires RBI Approval. Thus up to the said amount no permission is required and a certificate from Chartered Account would be sufficient for the remittance of amount from the Bank (Authorized dealer).


6. As to those transactions which are not covered under the items as mentioned in the schedules of the Rules. It may be pointed out that provision of the rule is very clear and it suggests that the provision of the rule apply only to those transactions which are mentioned in the schedules. Implying thereby that in respect of other transaction there is automatic route.

 

 

 

 
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