Regulatory power of central bank: authority to make regulations implementing foreign exchange law, including capital account controls. The Reserve Bank is empowered under Section 47 to make regulations by notification to implement the Act, including rules on capital account transactions, establishment and operation of non resident branches, exports and services, remittance and repatriation processes, realisation and surrender of foreign exchange, and related insurance matters. Regulations may prescribe permissible classes of capital account transactions, limits, prohibitions, declaration formats, repatriation periods, possession and account limits for foreign currency, exemption and retention thresholds, and controls on export, import or holding of currency. Pre existing RBI regulations on capital account matters remain valid until amended or rescinded by the Central Government.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Regulatory power of central bank: authority to make regulations implementing foreign exchange law, including capital account controls.
The Reserve Bank is empowered under Section 47 to make regulations by notification to implement the Act, including rules on capital account transactions, establishment and operation of non resident branches, exports and services, remittance and repatriation processes, realisation and surrender of foreign exchange, and related insurance matters. Regulations may prescribe permissible classes of capital account transactions, limits, prohibitions, declaration formats, repatriation periods, possession and account limits for foreign currency, exemption and retention thresholds, and controls on export, import or holding of currency. Pre existing RBI regulations on capital account matters remain valid until amended or rescinded by the Central Government.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
