Capital account transaction rules clarify permissible debt and non debt transactions and allocate prescription powers accordingly. Amendment distinguishes capital account transactions involving debt instruments from those not involving them, restricts the authorities from blocking foreign exchange drawals for loan amortisation or depreciation of direct investments, and vests the Central Government, in consultation with the Reserve Bank, with power to prescribe permissible non debt capital transactions, limits on admissible foreign exchange and conditions applicable to those transactions; the term 'debt instruments' is 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 transaction rules clarify permissible debt and non debt transactions and allocate prescription powers accordingly.
Amendment distinguishes capital account transactions involving debt instruments from those not involving them, restricts the authorities from blocking foreign exchange drawals for loan amortisation or depreciation of direct investments, and vests the Central Government, in consultation with the Reserve Bank, with power to prescribe permissible non debt capital transactions, limits on admissible foreign exchange and conditions applicable to those transactions; the term "debt instruments" is to be defined by the Central Government in consultation with the Reserve Bank.
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