Regulatory Power Under FEMA permits regulations governing debt-instrument capital transactions, foreign exchange declarations, repatriation, possession, accounts, and currency. Section 47 authorises the Reserve Bank to make regulations by notification for implementing the Foreign Exchange Management Act and its rules. This ... Summary
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Regulatory Power Under FEMA permits regulations governing debt-instrument capital transactions, foreign exchange declarations, repatriation, possession, accounts, and currency.
Section 47 authorises the Reserve Bank to make regulations by notification for implementing the Foreign Exchange Management Act and its rules. This includes regulation of permissible debt-instrument capital account transactions, foreign-exchange limits, declarations, repatriation, possession of foreign currency, foreign-currency accounts, exemption or retention of acquired foreign exchange, and currency export, import or holding. Earlier capital-account regulations remain valid until amended or rescinded by the Central Government where the relevant power has vested in it.
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