Advise with reason on availing foreign exchange facility under Foreign Exchange Management Act, 1999, for: Jitesh has to maintain his close relative abroad, needs USD 50,000 per year.
CS Executive · Economic and Commercial Laws · PYQS · June 2019
Advise with reason on availing foreign exchange facility under Foreign Exchange Management Act, 1999, for: Jitesh has to maintain his close relative abroad, needs USD 50,000 per year.
Answer & Explanation:
Yes, Jitesh 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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