Bom HC: Civil Court Can Invoke Sec 151 CPC to Dismiss a Suit as Infructuous if Cause of Action Ends  ||  Kerala HC: Arrest Grounds Need Not Be Shared With Foreigner’s Family If FRRO Or Embassy is Informed  ||  Delhi HC Granted Interim Relief to JioStar in a Dispute over Legends League Cricket Broadcast Rights  ||  SC: Dishonour of a Post-Dated Cheque Alone Does Not Establish Dishonest Intent For Cheating  ||  SC: Disciplinary Proceedings Started During Service May Continue After Retirement If Rules Allow  ||  Supreme Court: Earning Interest on a Bank Deposit Does Not Make it a Commercial Purpose  ||  CCI Dismisses Complaint Against Rapido over Use of Private Vehicles in Bike Taxi Service  ||  Allahabad HC: State Must Protect Individuals Threatened for Conducting Prayers in Private Spaces  ||  Madras HC: Habeas Corpus Petition Cannot Be Used if Wife Voluntarily Elopes with Another Man  ||  Calcutta High Court: Post-VRS Service Benefits Cannot be Denied; Ex-Employees Entitled to Arrears    

Release of foreign exchange for Miscellaneous Remittances- (Reserve Bank of India) (03 Jul 2024)

MANU/APDR/0013/2024

Banking

1. In terms of the direction issued under the A.P.(DIR Series) Circular No. 16 dated September 12, 2002, A.P.(DIR Series) Circular No. 55 dated December 23, 2003 and A. P. (DIR Series) Circular No.118 dated May 07, 2012, Authorised Dealers are permitted to release foreign exchange for any current account transaction, on the basis of a simple letter containing basic information and subject to an upper limit of USD 25,000 or its equivalent. It was also advised that Authorised Dealers need not obtain any other documents, including Form A2, and that the payment was to be made by the applicant through Demand Draft or a cheque drawn on his / her bank account.

2. With a view on streamlining the regulatory compliances and operational procedures, it is now decided that Authorised Dealers shall obtain Form A2 in physical or digital form for all cross-border remittances irrespective of the value of transaction. Consequently, the above-mentioned circulars stand withdrawn with immediate effect. Authorised Dealers shall continue to take necessary steps, in terms of Section 10(5) of Foreign Exchange Management Act, 1999, to assure themselves that such transactions do not involve any contravention of the provisions of FEMA.

3. Authorised Dealers may bring the contents of this circular to the notice of their constituents.

4. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

Tags : RELEASE   FOREIGN EXCHANGE   MISCELLANEOUS REMITTANCES  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved