How much foreign exchange is available to a person going abroad on emigration?
CS Executive · Economic and Commercial Laws · PYQS · December 2015
How much foreign exchange is available to a person going abroad on emigration?
Answer & Explanation:
In terms of Schedule III read with Rule 5 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, Individuals can avail of foreign exchange facility for Emigration purposes within the limit of USD 2,50,000 or the amount prescribed by the country of emigration only. Any additional remittance in excess of the above limit require to obtain prior approval of the Reserve Bank of India.
Topics: Foreign Exchange Management Act, 1999
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