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Prohibited Categories Of Current Account Transactions

[Permissible and Prohibited Current Account Transactions in Case of NRI ]

In terms of Rule 3 of the aforesaid Rules, drawal of exchange for the following transactions is prohibited:

  1. Travel to Nepal or Bhutan.

  2.  Transactions with a person resident in Nepal or Bhutan (unless specifically exempted by Reserve Bank by general or special order).

  3. Remittance out of lottery winnings.

  4. Remittance of income from racing/riding etc., or any other hobby.

  5. Remittance for purchases of lottery tickets, banned/prescribed magazines, football pools, sweepstakes, etc.

  6. Payment of commission on exports made towards equity investment in Joint Ventures/Wholly Owned Subsidiaries abroad of Indian companies.

  7.  Remittance of dividend by any company to which the requirement of dividend balancing is applicable.

  8. Payment of commission on exports under Rupee State Credit Route.

  9. Payment related to “Call Back Services” of telephones,

  10. Remittance of interest income on funds held in Non-Resident Special Rupee(NRSR) account scheme.

Detailed provisions can be seen in Schedule I annexed to the aforesaid Rules.

 
Permissible and Prohibited Current Account Transactions in Case of NRI
1. Basic Introductions
2. Prohibited Categories Of Current Account Transactions
3. Prior Approval Of Government Of India Required For Certain Transactions
4. Prior Approval Of Reserve Bank Required For Certain Current Account Transactions
5. Liberalisation Of Current Account Transactions

 

 
 
 
 
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