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Section 5 - Current account transactions : Foreign Exchange Management Act 1999

What are Current account transactions? Section 5 of FEMA Act 1999

Sales of Goods act Important Questi...
Sales of Goods act Important Questions

 

 

 

Section 5 of Foreign Exchange Management Act 1999 : "Current account transactions"

5. Any person may sell or draw foreign exchange to or from an authorised person if such sale or drawal is a current account transaction:

Provided that the Central Government may, in public interest and in consultation with the Reserve Bank, impose such reasonable restrictions for current account transactions as may be prescribed.

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