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Miscellaneous Provisions Relating to Remittances
What is the maximum guarantee amount an AD Category-I bank may issue in favour of a non-resident service provider on behalf of a resident service importer?
The maximum guarantee permitted for import of services is USD 500,000 or equivalent.
Under FEMA, how is an IFSC financial institution treated for the purpose of resident-non-resident transactions?
As a person resident outside India, making dealings a resident-non-resident transaction.
When an Authorised Dealer processes a remittance under FEMA, who decides whether the remittance is taxable?
RBI does not decide taxability; the AD must independently ensure both FEMA permissibility and compliance with tax laws, as these are separate checks.
Can an NRI close relative be included as a joint holder in a resident account on an 'Either or Survivor' basis?
Yes, an NRI close relative may be included as Either-or-Survivor joint holder.
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