Whether following remittances by persons other than individuals require prior approval of the Reserve Bank of India under Liberalized Remittance Scheme : Vikram Associates, a partnership firm in India wants to remit USD
CS Executive · Economic, Commercial and Intellectual Property Laws · PYQS · June 2025
Whether following remittances by persons other than individuals require prior approval of the Reserve Bank of India under Liberalized Remittance Scheme : Vikram Associates, a partnership firm in India wants to remit USD 2,000,000 for consultancy services procured from outside India for a project other than infrastructure Project.
Answer & Explanation:
Remittances exceeding USD 1,000,000 per project for any consultancy services in respect of a project other than infrastructure project require prior approval of RBI. In this case, prior approval of Reserve Bank of India is required as remittance is USD 2,000,000 which exceeds the prescribed limit.
Topics: Foreign Exchange Management Act (FEMA)
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