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of <h1>Amendments to Foreign Exchange Management Act: New Definitions and Rules Under Section 37A for Capital Account Transactions</h1> Clause 165 of the Bill amends the Foreign Exchange Management Act, 1999. The amendments include the addition of definitions for 'Authorised Officer' and 'Competent Authority' under section 37A. The Central Government is empowered to specify permissible capital account transactions, excluding debt instruments, in consultation with the Reserve Bank. It also sets limits on foreign exchange for such transactions and conditions applicable to them. A new sub-section defines 'debt instruments' as determined by the Central Government with the Reserve Bank's consultation. The commencement of these provisions will be notified by the Central Government.
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