What is Current Account Transaction – (CS Executive)
Define under Section 2(j) of the Foreign Exchange Management Act, 1999 to mean a transaction other than a capital account transaction and includes :
- Payment due in connection with foreign trade, other current business, services and short term banking and credit facilities in the ordinary course of business.
- Payment due as interest on loan and as net income from investment.
- Remittances for living expenses of parents, spouse and childern residing abroad.
- Expenses in connection with foreign travel, education and medical care of parents, spouse and childern (Section – 5).