In these rules, unless the context otherwise requires- a "Act" means the Foreign Exchange Management Act, 42 of ; b "Drawal" means drawal of foreign exchange from an authorised person and includes opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM Card or any other thing by whatever name called which has the effect of creating foreign exchange liability; c "Schedule" means a schedule appended to these rules; d the words and expressions not defined in these rules but defined in the Act shall have the same meanings respectively assigned to them in the Act. Prohibition on drawal of Foreign Exchange.
In terms of the said Rules, drawal of foreign exchange for certain categories of transactions as listed in Schedule I is expressly prohibited.
In respect of transactions included in Schedule III, prior approval of the Reserve Bank would be required for remittance exceeding the specified limits. The release of foreign exchange up to the threshold ceilings specified in Schedule III stands delegated to the Authorised Dealer banks.
Clause b of Rule 3 of the Rules as indicated in item 2 of Appendix 3. Authorised Dealers may release foreign exchange, on the strength of the sanction from the Ministry concerned, to the extent and subject to conditions indicated therein.
Foreign exchange so retained, can be utilized by the traveller for his subsequent visit abroad. Authorised Dealer may allow such remittances after verifying that the amount being remitted to the neighbouring countries inclusive of remittances, if any, already made against the tour does not exceed the amount actually remitted to India and the country of residence of the beneficiary is not Pakistan.
Wherever the sale of foreign exchange exceeds the amount equivalent to Rs.(b) "Drawal" means drawal of foreign exchange from an authorised person and includes opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM Card or any other thing by whatever name called which has the effect of creating foreign exchange liability;.
3. Export and Import of Indian currency and currency notes. 4. Prohibition on Export of Indian coins.
5. Prohibition on export and import of foreign currency. 6. Import of foreign exchange into India. 7. Export of foreign exchange and currency notes.
8. Export and import of currency to or from Nepal and Bhutan. In exercise of the powers conferred by clause (f) of sub-section (3) of section 6, sub--section (2) of section 47 of the Foreign Exchange Management Act, (42 of ), the Reserve Bank of India makes the following regulations relating to deposits between a person resident in India and a person resident outside India, namely: .
Note: Where the rupee equivalent of foreign exchange drawn exceeds Rs, either for any single drawal or more than one drawal reckoned together for a single journey/visit, it . Write note on Prohibition of drawl of foreign exchange?
Find answers now! No. 1 Questions & Answers Place. Whoever mutilates, cuts, defaces, disfigures, or perforates, or unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, or Federal Reserve bank, or the Federal Reserve System, with intent to render such bank bill, draft, note, or other evidence of debt unfit to be reissued, shall be fined under this title or .