Foreign Exchange Management Act (FEMA), 1999 – Current Account Transactions – Remittance towards donation by Corporates - Liberalisation

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 30, 2007 To, All Category - I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act (FEMA), 1999 - Current Account Transactions - Remittance towards donation by Corporates - Liberalisation Attention of Authorised Dealer Category-I (AD Category - I) banks is invited to Foreign Exchange Management (Current Account Transactions) Rules, 2000 (the Rules) notified vide Notifica .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ances on account of donations by corporates for specified purposes as under : i. Creation of Chairs in reputed educational institutes; ii. Donations to funds (not being an investment fund) promoted by educational institutes; or iii. Donation to a technical institution or body or association in the field of activity of the donor Company. The remittances are subject to a limit of one per cent of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ment (Current Account Transactions) Rules, 2000 are being notified separately. 5. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 6. The directions contained in this Circular have been issued under Section 10(4) and 11(I) of the Foreign Exchange Management Act 1999 (42 of 1999) and is without prejudice to permissions/ap .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X