Capital account prescription lets government, with central bank, permit classes of non-debt transactions subject to limits and conditions. A commencement clause allows staged commencement by Central Government notification. Section 2 is amended to add definitions for Authorised Officer (Directorate of Enforcement officer authorised under section 37A) and Competent Authority (authority appointed under section 37A(2)). Section 6 is amended to empower the Central Government, in consultation with the Reserve Bank, to prescribe classes of permissible capital account transactions not involving debt instruments, set limits on admissible foreign exchange for them, and impose conditions; 'debt instruments' are to be defined by the Central Government in consultation with the Reserve Bank.
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Provisions expressly mentioned in the judgment/order text.
Capital account prescription lets government, with central bank, permit classes of non-debt transactions subject to limits and conditions.
A commencement clause allows staged commencement by Central Government notification. Section 2 is amended to add definitions for Authorised Officer (Directorate of Enforcement officer authorised under section 37A) and Competent Authority (authority appointed under section 37A(2)). Section 6 is amended to empower the Central Government, in consultation with the Reserve Bank, to prescribe classes of permissible capital account transactions not involving debt instruments, set limits on admissible foreign exchange for them, and impose conditions; "debt instruments" are to be defined by the Central Government in consultation with the Reserve Bank.
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