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 What are Mutual Recognition Agreements?

What are Mutual Recognition Agreements?

The Mutual recognition relates with qualifications, academic certifications and experience requirements in services. A Mutual Recognition Agreement (MRA) is an agreement by which two or more countries agree to recognize one another’s conformity assessments.

In Services, these are applied on the recognition of professional qualifications. Regulatory bodies of various professional services like engineering, accountancy, architecture etc. are encouraged to enter into a mutual recognition agreement (Article VII:4b) with their counterparts.

A person going abroad for employment can draw foreign exchange up to USD 2,50,000 per financial year from any Authorised Dealer in India on the basis of self-declaration in Form A2 and ‘Application cum declaration for purchase of foreign exchange under LRS of USD 250,000’.

This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. If an individual remits any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.


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