Date: 2015-05-26Category: Extra OrdinaryState: Union GovernmentCountry: India
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
Executive Summary:
This document contains the Foreign Exchange Management Permissible Capital Account Transactions Third Amendment Regulations, 2015. It amends the Foreign Exchange Management Permissible Capital Account Transactions Regulations, 2000. The regulations came into force on the date of their publication in the Official Gazette, May 26, 2015.
Key Points / Main Content:
Amendment Regulations:
* These Regulations are called the Foreign Exchange Management Permissible Capital Account Transactions Third Amendment Regulations, 2015.
* These regulations amend the Foreign Exchange Management Permissible Capital Account Transactions Regulations, 2000.
Amendment to Regulation 4:
* Regulation 4 is amended by substituting existing provisos in subregulation (a).
* A resident individual may draw foreign exchange from an authorized person, not exceeding USD 250,000 per financial year (or as decided by Reserve Bank), for a capital account transaction specified in Schedule I, subject to applicable rules, regulations, directions, or orders.
* Drawal of foreign exchange as per item number 1 of Schedule III to Foreign Exchange Management Current Account Transactions Rules, 2000 is included within the USD 250,000 limit.
* If a resident individual's drawal of foreign exchange for a Schedule I capital account transaction exceeds USD 250,000 per financial year (or as decided by Reserve Bank), the limits specified in the regulations relevant to that transaction apply.
* No part of the USD 250,000 foreign exchange drawn under the proviso (a) can be remitted directly or indirectly 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: Clarification and potential changes to the limits and conditions for drawing foreign exchange for capital account transactions, as well as restrictions on remittances to FATF non-cooperative countries.
* Action Required: Understand the revised limits and conditions for foreign exchange drawal, ensure compliance with FATF restrictions, and consult with authorized persons for transactions exceeding specified limits.
Authorized Persons:
* Impact: Need to implement and comply with the revised regulations concerning foreign exchange drawal for capital account transactions by resident individuals.
* Action Required: Update internal procedures and systems to reflect the changes in limits, conditions, and restrictions, and ensure staff are trained on the new regulations.
Reserve Bank of India:
* Impact: Responsible for overseeing the implementation of the amended regulations and communicating any updates, including FATF non-cooperative countries, to authorized persons.
* Action Required: Monitor compliance with the new regulations and provide necessary guidance and clarifications to authorized persons and the public.
Key Entities Referenced
Foreign Exchange Management Act, 1999: An act of the Parliament of India to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
Reserve Bank of India: The central bank of India.
Foreign Exchange Management Permissible Capital Account Transactions Regulations, 2000: Regulations pertaining to permissible capital account transactions under the Foreign Exchange Management Act.
New Delhi: The capital of India.
Mumbai, Maharashtra: The financial capital of 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 under the Foreign Exchange Management Act.
Financial Action Task Force FATF: An intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.
B. P. Kanungo: Principal Chief General Manager at Reserve Bank of India.
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PART II—Section 3—Sub-section (i)
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2337 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
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[सं. फेमा. 341/2015–आरबी]
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II
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सा.का.िन. सं. 207(अ) 23 माच,(cid:15) 2004
सा.का.िन. सं. 14(अ) 5 जनवरी, 2008
सा.का.िन. सं. 551(अ) 14 अग5त, 2013
सा.का.िन. सं. 488(अ) 11 जलु ाई, 2014
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 26th May, 2015
Foreign Exchange Management (Permissible Capital Account Transactions) (Third Amendment)
Regulations, 2015
G.S.R. 425(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 Exchange
Management (Permissible Capital Account Transactions) Regulations, 2000, (Notification No. FEMA 1/
2000–RB dated May 3, 2000) namely:—
1. Short title and commencement.—These Regulations may be called the Foreign Exchange
Management (Permissible Capital Account Transactions) (Third Amendment) Regulations, 2015.
(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 existing provisos, the
following shall be substituted:—¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
"PROVIDED that—
(a) subject to the provisions of the Act or the rules or regulations or directions or orders made or
issued thereunder, a resident individual may, draw from an authorized person foreign exchange not
exceeding USD 250,000 per financial year or such amount as decided by Reserve Bank from time
to time for a capital account transaction specified in Schedule I.
Explanation: Drawal of foreign exchange as per item number 1 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 250,000 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 250,000, 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. 341/2015-RB]
B. P. KANUNGO, Principal Chief General Manager
Foot Note : The Principal Regulations were published in the Official Gazette vide No. G.S.R. No. 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
G.S.R. 488(E) dated July 11, 2014
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.