Current a/c deals relaxed
By The categories of remitt | 26 Feb 2004
Mumbai:
The Reserve Bank of India (RBI) has further relaxed
certain current account transactions, by allowing authorised
dealers some categories of remittances in terms of the
Foreign Exchange Management Act 2000, without having to
obtain prior permission of the RBI.
The categories of remittances eligible under this liberalisation, include, remittance by artistes, commission to agents abroad for the sale of residential plots for amounts up to $ 25,000 or 5 per cent of the inward remittance, whichever is higher and short terms credit to overseas offices of Indian companies, said a RBI press release.
The
relaxation will also be applicable for remittance for
ads on foreign television where export earnings are less
than Rs 10 lakh.