Foreign Technology Transfer Fees and Royalty Payments
The Press Note No. 8 (2009 series) dated 16th Dec. 2009 issued by the FC section of ministry of Commerce and Industry, Department of Industries Policy and Promotion of Government of India further liberalised the foreign technology collaborations fees and the royalty payments through automatic route and done away with the prior approval from the Government beyond certain specified limit which was the case earlier.
Prior to the issue of this Press Note No. 8 (2009 series) prior approval is required to be obtained from the Foreign Investment Promotion Board (FIBP) for a lump sum payment in excess of US$ 2 million since one could remit amount not exceeding US$ 2 million only under automatic route.
Liberalization after the Press Note Release
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