Advise with reason on availing foreign exchange facility under Foreign Exchange Management Act, 1999, for: Sohan desires to gift his sister USD 100,000 on her birthday.
CS Executive · Economic and Commercial Laws · PYQS · June 2019
Advise with reason on availing foreign exchange facility under Foreign Exchange Management Act, 1999, for: Sohan desires to gift his sister USD 100,000 on her birthday.
Answer & Explanation:
Yes, Sohan 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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