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of <h1>RBI's Role in Regulating Capital Account Transactions Under FEMA Changed After Section 6(3) Amendment in 2019.</h1> A capital account transaction, as defined in Section 2(e) of the FEMA 1999, involves any transaction that alters the assets or liabilities of persons resident in India outside the country or those of persons resident outside India within the country. Such transactions are governed by Section 6 of the FEMA 1999 and the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000. Previously, Section 6(3) of the FEMA allowed the RBI to prohibit, restrict, or regulate these transactions, but this provision was removed effective October 15, 2019.
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