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What are the prohibited debits to RFC account?

April 26, 2017account debits Prohibited rfc

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What are the prohibited debits to RFC account?

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Funds in RFC account cannot be utilized for remittances prohibited in Rule 3 and schedule I to FEM (Current Account Transactions) Rules, 2000, namely a) Remittance out of lottery winnings. b) Remittance of income from racing/riding, etc or any other hobby. c) Remittance for purchase of lottery tickets, banned/proscribed magazines, football pools, sweepstakes etc. d) Payment of commission on exports made towards equity investments in Joint Ventures/Wholly Owned Subsidiaries of Indian companies. e) Travel to Nepal and/or Bhutan.