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of <h1>RBI Regulates Capital Account Transactions and Foreign Exchange Under FEMA Sections 47 and 6(3)</h1> The Reserve Bank of India (RBI) is empowered under Section 47 of the FEMA Act to make regulations to implement the Act's provisions. Ten regulations have been issued concerning capital account transactions, as referenced in Section 6(3). Additionally, RBI has established regulations for non-resident business activities in India, export of goods and services, and foreign exchange management. Section 47(2) outlines RBI's scope to regulate capital account transactions, foreign currency possession, and foreign exchange retention. Section 47(3) states that existing regulations remain valid until the Central Government amends or rescinds them.
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