State which kind of approval is required for the following transactions under the Foreign Exchange…
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State which kind of approval is required for the following transactions under the Foreign Exchange Management Act, 1999:
- X, a Film Star wants to perform along with his associates in New York on the occasion of Diwali for the Indians residing at New York. A Foreign Exchange drawal to the extent of US $20,000 is required for this purpose.
- F International Ltd has purchased the trade mark from a Foreign company to establish a retail business chain in India as a joint venture at a consolidated price of US $500,000 which is to be paid in the foreign currency of that country.
- R wants to get his heart surgery done at UK. Up to what limit Foreign Exchange can be drawn by him and what are the approvals required?
- L wants to pursue a course in Fashion design in Paris. The Foreign Exchange drawal is US $20,000 towards the tuition fees and US $30,000 for the incidental and stay expenses for studying abroad.
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