Tuesday, June 16, 2015

Facilities for persons other than individual

The following remittances by persons other than individuals shall require prior approval of the
Reserve Bank of India.
Donations exceeding one percent of their foreign exchange earnings during the previous three financial years or USD 5,000,000, whichever is less, for

  • Creation of Chairs in reputed educational institutes,
  • Contribution to Funds (not being an investment fund) promoted by educational institutes; and
  • Contribution to a Technical Institution or Body or Association in the field of activity of the donor Company.

Commission per transaction, to agents abroad for sale of residential flats or commercial plots in India exceeding USD 25,000 or five percent of the inward remittance whichever is more.
Consultancy: Remittances exceeding USD 10,000,000 per project, for any consultancy services in respect of infrastructure projects and USD 1,000,000 per project, for other consultancy services procured from outside India.
Pre-incorporation expenses: Remittances exceeding five per cent of investment brought into India or USD 100,000 whichever is higher, by an entity in India by way of reimbursement of pre- incorporation expenses.

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