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Informative

Release of foreign exchange for Miscellaneous Remittances

Update / Judgement Date

04 Jul 2024

Source

RBI

Author

Team — WCP Legal Desk

Reading Time

1 min read

FEMA & FCRA

In light of the new directive, Authorised Dealers must now obtain Form A2 for all cross-border remittances, regardless of the transaction value, replacing previous guidelines under A.P.(DIR Series) Circulars No. 16, 55, and 118. This change aims to streamline regulatory compliance and operational procedures, effective immediately. Dealers are required to ensure transactions comply with FEMA provisions and may inform their constituents accordingly.