Cable operators may pay collected subscriptions to overseas media companies.
Agents in India issuing prepaid telephone cards can remit sale proceeds of these cards, net
of their commission, to the issuers of the telephone cards. The cost of such cards in
Indian rupees need not be adjusted in the travel entitlement.
With regard to global bids received for projects to be undertaken in India, foreign
exchange may be sold to resident Indian company awarded the contract.
One hundred percent export oriented units (EOUs)
One hundred percent EOUs may sell goods manufactured by them to other one hundred
percent EOUs in foreign exchange. Bank may sell foreign exchange to buyer units.
Foreign embassies can purchase foreign exchange towards payment of fees to schools/
educational institutions under the administrative control of foreign embassies.
Advance Remittance for Current Account Transactions
Authorized dealers must obtain a bank guarantee from a bank of international repute
outside India or an authorized dealer in India (if such guarantee is issued against the
counterguarantee of a bank of international repute situated outside India) for advance
remittance for any current account transaction exceeding $100,000. If the amount exceeds
$100,000 a guarantee must be obtained from a bank of international repute outside India
or an authorized dealer in India (if such guarantee is issued against the counterguarantee
of a bank of international repute situated outside India).
The authorized dealer should also follow up to ensure that the beneficiary of the advance
remittance has fulfilled his obligations under the contract or agreement with the remitter
Purchase Shares under ESOP Scheme
A resident individual who is an employee or a director of an Indian office or a branch of a
foreign company or of a subsidiary of a foreign company in India can remit upto $20,000
in a calendar year to purchase equity shares offered by the foreign company