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Foreign Exchange Management Act (FEMA)

2. Application for remittances in foreign currency

  • A person firm or bank may apply to an Authorized Dealer for remittances in any foreign currency to a beneficiary abroad.
  • Application should be made in FORM -A1, if the purpose of remittance is import of goods into India.
  • For any other purpose in Form -A2
  • The Authorized Dealer may sell the foreign Exchange applied for if he think fit provided it is within his powers, and the purpose of remittance is an approved one.

Foreign Exchange Management Act (FEMA) Back

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