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[Cites 0, Cited by 0] [Section 5(2)] [Section 5] [Entire Act]

Union of India - Subsection

Section 5(2)(b) in The Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015

(b)the total remittances made under this sub-Regulation by the Indian entity, to all such accounts in an accounting year shall not exceed
(i)15 per cent of the average annual sales/ income or turnover of the Indian entity during the last two financial years or up to 25 per cent of the net worth, whichever is higher, where the remittances are made to meet initial expenses of the branch or office or representative; and
(ii)10 per cent of such average annual sales/ income or turnover during the last financial year where the remittances are made to meet recurring expenses of the branch or office or representative;