Explain the rules relating to the remittances made by persons other than individuals requiring approval of RBI as provided in Schedule III to the…

The following remittances by persons other than individuals shall require prior approval of the Reserve Bank of India as provided under FEMA, 1999 read with Schedule III of the FEM (Current Account Transactions) Rules, 2000: (i) Commission, per transaction, to agents abroad for sale of residential flats or commercial plots in India exceeding USD 25,000 or five percent of the inward remittance whichever is more. (ii) Remittances exceeding USD 10,000,000 per project for any consultancy services in respect of infrastructure projects and USD 1,000,000 per project, for other consultancy services procured from outside India. Explanation-For the purposes of this sub-paragraph, the expression "infrastructure' shall mean as defined in explanation to para 1 (iv) (A)(a) of Schedule I of FEMA Notification 3/2000-RB, dated the May 3, 2000. (iii) Remittances exceeding five per cent of investment brought into India or USD 100,000 whichever is higher, by an entity in India by way of reimbursement of pre-incorporation expenses.