There has been a spate of fictitious offers of cheap funds in recent times from the fraudsters through letters, e-mails, mobile phones, SMS, etc. Almost everybody is getting mails or sms of lottery winnings and for that small transactions fee is charged. The gullible masses , out of sheer greediness , are believing such mails or sms...
No permission needed for foreign exchange withdrawal for royalty payments !
May 16, 2010 by
If Indian firms wanted to withdraw foreign exchange to pay royalty for technical collaboration in excess of 5 % of local sales and 8 % of export turnover, they required to take prior permission of Commerce and Industry Ministry . Such permission was also required, if such payments exceed USD 2 million. Now Reserve bank of...
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