Explain and justify the following cases of 'Resident Individuals' under Foreign Exchange and Management Act, 1999 : (iii) Akanksha, a software engineer is going for an employment in Budapest, requires a sum of USD 99,000
CS Executive · Economic, Commercial and Intellectual Property Laws · PYQS · December 2024
Explain and justify the following cases of 'Resident Individuals' under Foreign Exchange and Management Act, 1999 : (iii) Akanksha, a software engineer is going for an employment in Budapest, requires a sum of USD 99,000 for her settlement abroad. Does she require prior approval of Reserve Bank of India ?
Answer & Explanation:
Under Liberalised Remittance Scheme, Person going abroad for employment can draw foreign exchange up to USD 2,50,000 per financial year from any Authorized Dealer in India. Akanksha, who is a software Engineer, going for an employment in Budapest can acquire USD 99,000 from any authorized dealer in India without the prior approval of Reserve Bank of India.
Topics: Foreign Exchange Management Act (FEMA)
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