The Economic Times on 13th May 2010 reported about the Reserve Bank of India permitting banks to let firms draw foreign exchange for payment of royalty for technical know-how overseas without government's prior permission, a move that will encourage technological collaborations.
Earlier, the permission of Commerce and Industry Ministry was required for drawing foreign exchange to pay royalty for technical collaborations in case it exceeds 5% of local sales and 8% of exports. Such permission was also required, if such payments exceed USD 2 million.
RBI said in a notification, "...banks may permit drawal of foreign exchange by persons for payment of royalty and lump-sum [...]
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- Subject : Regulations - IP Field : Industrial Property 
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