The e-Gazette notification dated 16th May 2023 omits Rule 7 of the FEM(CAT)Rules, 2000.
Here are the Frequently Asked Questions #FAQS w.r.t. the Liberalised Remittance SchemeWhat is the notification dated 16th May 2023 amending the FEM (CAT) Rules, 2000?What is Rule 7 of FEM(CAT) Rules, 2000?What was the need for the notification?What modes of expenditure of foreign exchange are covered under FEM(CAT) Rules, 2000?What are the purposes under FEM (CAT) Rules, 2000, under which a resident individual can avail of a foreign exchange facility?Does LRS cover business visits of employees?What is Liberalised Remittance Scheme (LRS)?What is a current account transaction?
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