Executive Summary:
This document outlines amendments to the Foreign Exchange Management Permissible Capital Account Transactions Regulations, 2000. The regulations, issued by the Reserve Bank of India, concern permissible capital account transactions. These amendments came into force on the date of their publication in the Official Gazette (July 11, 2014).
Key Points / Main Content:
Amendment Regulations:
* These Regulations may be called the Foreign Exchange Management Permissible Capital Account Transactions Amendment Regulations, 2014.
* These Regulations shall come into force from the date of their publication in the Official Gazette.
Regulation 4 Amendment:
* In regulation 4, in subregulation a, for the provisos, the following shall be substituted.
Drawal Limit for Resident Individuals:
* A resident individual may draw foreign exchange not exceeding USD 125,000 per financial year for capital account transactions specified in Schedule I, subject to applicable regulations.
* Drawal of foreign exchange for gifts or donations as per item Nos. 3 and 4 of Schedule III to Foreign Exchange Management Current Account Transactions Rules, 2000, shall be within the above limit.
* If drawal exceeds USD 125,000, the limits specified in the regulations relevant to the specific transaction apply.
Restriction on Remittances:
* No part of the USD 125,000 limit shall be used for remittances to countries notified as non-cooperative by the Financial Action Task Force (FATF) and communicated by the Reserve Bank of India.
Impact Analysis:
Resident Individuals:
* Impact: Resident individuals are subject to a limit of USD 125,000 per financial year for certain capital account transactions, with specific rules for gifts, donations, and remittances to FATF non-cooperative countries.
* Action Required: Ensure compliance with the drawal limits and restrictions on remittances to FATF non-cooperative countries.
Authorized Persons:
* Impact: Authorized persons must comply with the amended regulations when processing foreign exchange transactions for resident individuals.
* Action Required: Implement the new drawal limits and restrictions on remittances to FATF non-cooperative countries when processing transactions.
Reserve Bank of India:
* Impact: The Reserve Bank of India is responsible for communicating the list of FATF non-cooperative countries and any changes to the drawal limits.
* Action Required: Communicate updates regarding FATF non-cooperative countries and changes to drawal limits to all concerned parties.
Key Entities Referenced
Foreign Exchange Management Act, 1999: The Act under which the Reserve Bank of India issues regulations regarding foreign exchange management.
Reserve Bank of India: The central bank of India, responsible for regulating foreign exchange transactions.
Foreign Exchange Management Permissible Capital Account Transactions Regulations, 2000: Regulations pertaining to permissible capital account transactions, as amended.
New Delhi: The capital city of India.
Mumbai, Maharashtra: City in India where the Central Office of the Reserve Bank of India is located.
Foreign Exchange Management Current Account Transactions Rules, 2000: Rules governing current account transactions related to foreign exchange.
Financial Action Task Force: An intergovernmental organization that develops policies to combat money laundering and terrorist financing.
C.D. SRINIVASAN: Chief General Manager of Reserve Bank of India.
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भभभभााााररररततततीीीीयययय (cid:1)(cid:1)(cid:1)(cid:1)ररररज़ज़ज़ज़वववव (cid:5)(cid:5) (cid:5)(cid:5) बबबबकक(cid:7)(cid:7)कक(cid:7)(cid:7)
((((ििििववववददददेशेशेशेशीीीी मममम(cid:3)(cid:3)ुु(cid:3)(cid:3)ुु ाााा ििििववववभभभभाााागगगग))))
((((कककक(cid:9)(cid:9)(cid:9)(cid:9)(cid:10)(cid:10)(cid:10)(cid:10)ीीीीयययय ककककााााययययाााालल(cid:5)(cid:5)लल(cid:5)(cid:5) यययय))))
अअअअििििधधधधससससचचूूचचूू ननननाााा
मुंबई , 24 जनू , 2014
ििििववववददददशशशशेेेे ीीीी मममम(cid:10)(cid:10)ुु(cid:10)(cid:10)ुु ाााा (cid:17)(cid:17)(cid:17)(cid:17)बबबबधधंंधधंं (((( अअअअननननममुुममुु ेयेयेयेय पपपपजजूंूंजजूंूं ीीीी खखखखाााातततताााा ललललननेेननेे ददददननननेेेे )))) ((((ससससशशंंशशंं ोोोोधधधधनननन)))) ििििववववििििननननययययममममााााववववललललीीीी,,,, 2222000011114444
—
ससससाााा....ककककाााा....ििििनननन.... 444488888888((((अअअअ)))).... िवदशे ी मु(cid:3)ा (cid:5)बंध अिधिनयम,1999 (1999 का 42) क(cid:10) धारा 6 क(cid:10)
उप-धारा (2), धारा 47 क(cid:10) उप-धारा (2) (cid:14)ारा (cid:5)द(cid:17) शि(cid:20)य(cid:22) का (cid:5)योग करत े (cid:25)ए भारतीय (cid:30)रज़व! ब"क, क#(cid:3)
सरकार के परामश! स,े िवदशे ी मु(cid:3)ा (cid:5)बंध (अनुमेय पूंजी खाता लेनदने ) िविनयमावली, 2000, (3 मई 2000 क(cid:10)
~
अिधसूचना सं. फेमा. 1/2000-आरबी) म# संशोधन करते (cid:25)ए िन'िलिखत िविनयम सिृ जत करता ह,ै अथा!त:
1111.... ससससििंंििंं (cid:22)(cid:22)(cid:22)(cid:22)(cid:23)(cid:23)(cid:23)(cid:23) ननननाााामममम औऔऔऔरररर (cid:17)(cid:17)(cid:17)(cid:17)ााााररररंंंंभभभभ
i
( ) ये िविनयम िवदशे ी मु(cid:3)ा (cid:5)बंध (अनुमेय पूंजी खाता लेनदने ) (संशोधन) िविनयमावली, 2014 कहलाएगं े।
ii
( ) वे सरकारी राजप0 म# उनके (cid:5)काशन क(cid:10) तारीख से लागू ह(cid:22)गे।
2222.... ििििववववििििननननययययमममम(cid:26)(cid:26)(cid:26)(cid:26) मममम (cid:9)(cid:9) (cid:9)(cid:9)ससससशशंंशशंं ोोोोधधधधनननन
िवदशे ी मु(cid:3)ा (cid:5)बंध (अनुमेय पूंजी खाता लेनदने ) िविनयमावली, 2000 म#, िविनयम 4 म#, उप-िविनयम (ए) म#,
परंतुक(cid:22) के िलए, िन'िलिखत (cid:5)ित2थािपत 3कए जाएगं े:
"बशत4 3क -
2834 GI/2014 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(ए) उ(cid:20) अिधिनयम अथवा उसके अंतग!त िन5मत अथवा जारी िनयम(cid:22) अथवा िविनयम(cid:22) अथवा िनदशे (cid:22) अथवा
आदशे (cid:22) के उपबंध(cid:22) के तहत, कोई िनवासी 8ि(cid:20) 3कसी (cid:5)ािधकृत 8ापारी से (cid:5)ित िव(cid:17)ीय वष! 1,25,000
अमरीक(cid:10) डालर तक अथवा अनुसूची-I म# िविन:द; पूंजी खातेगत लेनदने (cid:22) हते ,ु भारतीय (cid:30)रज़व ! ब"क (cid:14)ारा,
समय-समय पर, िविन:द; रािश तक िवदशे ी मु(cid:3)ा आह(cid:30)रत कर सकता ह।ै
(cid:30)(cid:30)(cid:30)(cid:30)पपपप ीीीीककककररररणणणण:::: समय-समय पर यथा संशोिधत 3 मई 2000 क(cid:10) िवदशे ी मु(cid:3)ा (cid:5)बंध (चालू खाता लेनदने )
िनयमावाली, 2000 क(cid:10) अनसु ूची III क(cid:10) मद स.ं 3 और 4 के अनुसार उपहार अथवा दान के बाबत िव(cid:5)ेषण
हते ु 3कसी िनवासी 8ि(cid:20) (cid:14)ारा आहरणीय िवदशे ी मु(cid:3)ा उ(cid:20) परंतुक (ए) म# िविन:द; सीमा म# समािहत होगी।
(बी) जहां अनुसूची-I म# िविन:द; 3कसी पूंजी खातेगत लेनदने के िलए 3कसी िनवासी 8ि(cid:20) (cid:14)ारा आह(cid:30)रत क(cid:10)
जाने वाली िवदशे ी मु(cid:3)ा (cid:5)ित िव(cid:17)ीय वष! 1,25,000 अमरीक(cid:10) डालर अथवा भारतीय (cid:30)रज़व ! बक" (cid:14)ारा, समय-
समय पर, िविन:द; रािश, जैसा भी मामला हो, स े अिधक होन े पर, ऐस े लेनदने (cid:22) के संबंध म# संगत िविनयम(cid:22)
म# िविन:द; सीमाए ं लागू ह(cid:22)गी।
इसके अलावा यह भी 3क परंतुक (ए) के अंतग!त आह(cid:30)रत 125000 अमरीक(cid:10) डालर क(cid:10) िवदशे ी मु(cid:3)ा का कोई भी
अंश (cid:5)?य@ अथवा परो@ Aप म# 3कBहC ऐसे दशे (cid:22) को िव(cid:5)ेिषत नहC 3कया जाएगा िजBह # िव(cid:17)ीय कार!वाई काय!दल
(FATF) (cid:14)ारा, समय-समय पर, असहयोगी दशे (cid:22) और @0े (cid:22) के Aप म# अिधसूचित 3कया गया ह ै और िजनके संबंध म#
भारतीय (cid:30)रज़व ! ब"क (cid:14)ारा सभी संबंिधत(cid:22) को सूिचत 3कया गया ह।ै "
[सं. फेमा. 311/2014-आरबी]
सी. डी. Dीिनवासन, मुEय महा(cid:5)बंधक
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पपपपाााादददद (cid:1)(cid:1)(cid:1)(cid:1)टटटट$$$$पपपपणणणणीीीी ::::----मूल िविनयमावली 5 मई 2000 के संEया 384 (अ) (cid:14)ारा सरकारी राजप0 के भाग ,
खंड 3, उप-खFड (i) म# (cid:5)कािशत और बाद म# िन'ानसु ार संशोिधत क(cid:10) गयी:-
सा.का.िन. स.ं 207(अ) 3दनांक 23.03.2004
सा.का.िन. स.ं 14(अ) 3दनाकं 05.01.2008
सा.का.िन. सं. 551(अ) 3दनाकं 14.08.2013
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 24th June, 2014
Foreign Exchange Management (Permissible Capital Account Transactions)
(Amendment) Regulations, 2014
G.S.R. 488(E).—In exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2)
of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) the Reserve Bank of India, in
consultation with Central Government, makes the following Regulations to amend the Foreign Exchange¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
Management (Permissible Capital Account Transactions) Regulations, 2000, (Notification No.
FEMA.1/2000–RB dated May 3, 2000) namely:—
1. Short Title and Commencement
(i) These Regulations may be called the Foreign Exchange Management (Permissible Capital Account
Transactions) (Amendment) Regulations, 2014.
(ii) They shall come into force from the date of their publication in the Official Gazette.
2. Amendment to the Regulations
In the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000, in
regulation 4, in sub-regulation (a), for the provisos, the following shall be substituted:-
“PROVIDED that –
(a) subject to the provisions of the Act or the rules or regulations or directions or orders made or issued
there under, a resident individual may draw from an authorized person foreign exchange not
exceeding USD 125000 per financial year or such amount as may be decided by Reserve Bank from
time to time for a capital account transaction specified in Schedule I.
Explanation: Drawal of foreign exchange by resident individuals towards remittances of gift or
donations as per item Nos. 3 and 4 of Schedule III to Foreign Exchange Management (Current
Account Transactions) Rules, 2000 dated 3rd May, 2000, as amended from time to time, shall be
subsumed within the limit under proviso (a) above.
(b) Where the drawal of foreign exchange by a resident individual for any capital account transaction
specified in Schedule I exceeds USD 125000 per financial year, or as decided by Reserve Bank from
time to time, as the case may be, the limit specified in the regulations relevant to the transaction shall
apply with respect to such drawal.
PROVIDED FURTHER that no part of the foreign exchange of USD 125000 drawn under proviso (a)
shall be used for remittance directly or indirectly to countries notified as non-co-operative countries and
territories by Financial Action Task Force (FATF) from time to time and communicated by the Reserve
Bank of India to all concerned."
[No. FEMA. 311/2014-RB]
C.D. SRINIVASAN, Chief General Manager
Foot Note: The Principal Regulations were published in the Official Gazette vide No. G.S.R. 384 (E) dated
May 5, 2000 in Part II, Section 3, sub-section (i) and subsequently amended vide:
G.S.R. 207 (E) dated March 23,2004
G.S.R. 14 (E) dated January 5,2008
G.S.R. 551 (E) dated August 14,2013.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.