Mr. F, an Indian National desires to obtain foreign exchange for the following purposes:
i)Payment of US $10,000 as commission on exports under Rupee State Credit Route.
ii)US $ 30,000 for a business trip to the U.K.
iii)Remittance of US $ 2,00,000 for payment as prize money to the winning team in a Hockey Tournament to be held in Australia.
Advise him, if he can get the Foreign Exchange and under what condition

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Under provisions of section 5 of the Foreign Exchange Management Act of 1999 certain Rule... View the full answer