5.12 Remittances of Income from lottery winnings, racing/riding, sweepstakes etc. are prohibited under the Act, 1999 read with Rule 3 and Schedule 1 of the Foreign Exchange Management (Current Account Transaction) Rules, 2000.
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So, if someone wins a heavy amount in an American or European lottery/gambling, etc, by playing online, or while on a visit as a tourist, does that mean that the money cannot be used to make purchases in India? Should the amount be left in a foreign bank? How can he/she bring money to India? What should be the "source of income" that has to be stated to the Indian banks?
CAclubindia
