Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Section 7(4)] [Section 7] [Entire Act]

Union of India - Subsection

Section 7(4)(b) in The Foreign Exchange Management (Foreign Currency Accounts By A Person Resident In India) Regulations, 2000

(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 years where the remittances are made to meet recurring expenses of the branch or office or representative;]