RBI Rules and Regulations on Foreign Exchange Limits in case of Business Travel Abroad
Legal Framework: Foreign Exchange Management Act, 1999 (FEMA) came into force on 1st June 2000. The legal framework for administration of exchange control (i.e. current account transactions and capital account transactions) in India is provided by the FEMA. In terms of Section 5 of the FEMA, persons are free to buy or sell foreign exchange for any current account transaction except for those transactions on which the Central Government has imposed restrictions, vide its Notification No....