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of <h1>Finance Act 2015 Amends FEMA 1999: New Clauses on Debt Instruments and Capital Account Transactions Effective October 2019</h1> Section 46 of the Foreign Exchange Management Act, 1999, was amended by the Finance Act, 2015. The amendments introduced new clauses after clause (a) and clause (g) in subsection (2). The new clauses (aa) and (ab) address the determination of debt instruments under section 6(7) and outline permissible classes of capital account transactions, including limits and regulations. Clause (gg) was added to specify the aggregate value of foreign exchange as per section 37A(1). These amendments took effect on October 15, 2019.
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