Whether following remittances by persons other than individuals require prior approval of the Reserve Bank of India under Liberalized Remittance Scheme : Lakshay & Co., a partnership firm wants to remit USD 9,000,000
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 : Lakshay & Co., a partnership firm wants to remit USD 9,000,000 for consultancy services procured from outside India for an infrastructure project.
Answer & Explanation:
Remittances exceeding USD 10,000,000 per project for any consultancy services in respect of an infrastructure project require Prior approval of Reserve Bank of India. So, in this case no prior approval of Reserve Bank of India is required as it is within the limit.
Topics: Foreign Exchange Management Act (FEMA)
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