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.