Prior Approval Of Government Of India Required For Certain Transactions
[Permissible and Prohibited Current Account Transactions in Case of NRI]
There are certain transactions which are included in Schedule II to the Rules, in respect of which Rule 4 of the aforesaid Rules provide that prior approval of the Government of India is required for remittance of such Current Account Transactions. Such items include cultural tours, advertisements, hiring charges of transponders, membership of P&I Club, etc. However, Rule 4 does not apply where the payment is made out of funds held in RFC Account or EEFC Account of the remitter.
Permissible and Prohibited Current Account Transactions in Case of NRI
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