Section 5 of FEMA : Section 5: Current Account Transactions
FEMA
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Explanation using Example
Imagine Sarah, an Indian resident, who plans to travel to Europe for a vacation. She needs Euros for her expenses there. Under Section 5 of The Foreign Exchange Management Act, 1999, Sarah is allowed to purchase foreign currency from an authorized dealer like a bank or a forex bureau. This transaction is considered a current a...
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