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of <h1>Finance Bill 2015 amends FEMA to redefine capital account transactions and currency regulations under Section 47.</h1> Section 47 of the Foreign Exchange Management Act, 1999, is amended by the Finance Bill, 2015. The amendment modifies sub-section (2) to redefine permissible classes of capital account transactions involving debt instruments, their foreign exchange limits, and related regulations. A new clause is added regarding the export, import, or holding of currency or currency notes. Additionally, a new sub-section (3) is introduced, stating that existing regulations by the Reserve Bank on capital account transactions will remain valid until the Central Government amends or rescinds them. These changes align with amendments to the Prevention of Money Laundering Act, 2002.
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