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TMI BlogSee Rule 5 - Transactions which require prior approval of Reserve BankX X X X Extracts X X X X X X X X Extracts X X X X ..... (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rve 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. (iii) Remittances exceeding USD 10,000,000 per project for any consultancy services in respect of infrastructure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emitter/donor per annum. 3. Substituted vide notification no. G.S.R. 349(E). dated 22/5/2009 , [with effect from 3/4/2007] before it was read as, 15 Remittance exceeding US$ 1,000,000 , per project, for any consultancy service procured from outside India. 4. Substituted vide notification no. G.S.R. 349(E). dated 22/5/2009 , [with effect from 3/4/2007] before it was read as, 17. Remittance exceeding US$100,000, by an entity in India by way of reimbursement of pre-incorporation expenses. 5. Substituted vide Not. 1/6/EM/2015 - Dated 26-5-2015 before it was read as. SCHEDULE III (See rule 5) Transactions which require prior approval of Reserve Bank 1A 1. Omitted 1 [ 2 . Release of exchange exceeding US$ 10,000 or its equivalent in one financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company (ii) Exceeding US$ 5,000 per year per recipient, in all other cases. 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 assignment; the duration of which does not exceed three years, is a resident but not permanently resident . 8. Release of foreign exchange, exceeding US$ 25,000 to a person, irrespective of period of stay, for business travel, or attending a conference or specialised training or for maintenance expenses of a patient going abroad for medical treatment or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/check-up. 9. Release of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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