Regulatory power: RBI may make FEMA regulations defining permissible capital account transactions and specifying related procedural limits. The Reserve Bank is empowered to make regulations by notification to carry out FEMA, including specifying permissible classes of capital account transactions, limits on admissibility of foreign exchange, prohibitions or restrictions on such transactions, and procedural requirements for declarations, repatriation, possession and holding of foreign currency, operation of foreign currency accounts, exemptions, and related matters; preexisting RBI regulations on capital account matters continue until amended or rescinded by the Central Government.