Rule 5 - Prior approval of Reserve Bank - Foreign Exchange Management (Current Account Transactions) Rules, 2000

1 [ 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.] ---------------- Notes:- 1. Substituted vide Not. 1/6/EM/2015 - Dated 26-5-2015 before it was read as. 5. Prior approval of Reserve Bank. No person shall draw foreign exchange for a transaction included in the Schedule Ill without prior approval of the Reserve Bank ; 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.