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ELIGIBILITY FOR PRIOR PERMISSION, CONDITIONS OF REGISTRATION AND PRIOR PERMISSION, PROCEDURE FOR APPLICATION, UTILIZATION OF FUNDS, SUSPENSION AND CANCELLATION, 2020 AMENDMENT POINTS
Who is eligible to apply for prior permission under FEMA for capital account transactions exceeding the Liberalised Remittance Scheme limit?
Resident individuals who wish to make capital account transactions beyond the LRS limit of USD 250,000 per financial year must obtain prior permission from the Reserve Bank of India.
What is the full form of FEMA as it relates to foreign exchange facilities for individuals?
Foreign Exchange Management Act, enacted in 1999.
What is the primary regulatory authority that grants prior permission for foreign exchange transactions by individuals under FEMA?
The Reserve Bank of India (RBI) is the primary authority empowered to grant prior permission for foreign exchange transactions that fall outside the general permissions available under FEMA and its regulations.
Which schedule under FEMA Current Account Transaction Rules lists transactions requiring RBI prior permission?
Schedule III lists transactions requiring prior RBI approval.
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