Advise with reason on availing foreign exchange facility under Foreign Exchange Management Act, 1999, for: John desires USD 2,00,000 for a private visit to any country excluding Nepal and Bhutan.
CS Executive · Economic and Commercial Laws · PYQS · June 2019
Advise with reason on availing foreign exchange facility under Foreign Exchange Management Act, 1999, for: John desires USD 2,00,000 for a private visit to any country excluding Nepal and Bhutan.
Answer & Explanation:
Yes, John can do so as the foreign exchange facility is within the limit of USD 2,50,000 prescribed under the Liberalised Remittance Scheme read with Foreign Exchange Management (Current Account Transactions) Rules.
Topics: Foreign Exchange Management Act, 1999
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