ICWAI -Case study and notes on FEMA Act 1999

Started by TechShristi, January 08, 2013, 10:30:02 am

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TechShristi

Case study and notes on FEMA Act 1999

Case study and notes on FEMA Act 1999


Question 1
Explain the meaning of the term “Current Account Transaction” and the right of a citizen to
obtain Foreign Exchange under the Foreign Exchange Management Act, 1999. 
(May, 2001)
Answer
The term “current account transaction” is defined in Section 2(j) of Foreign Exchange Management Act, 1999. It means a transaction other than a capital account transaction and includes:(i) payments due in connection with foreign trade in the ordinary course of business.(ii) payments due as interest on loans and as net income from investments.

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TechShristi


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