Foreign exchange drawal limits for resident individuals cap yearly capital account remittances and prohibit transfers to FATF noncooperative jurisdictions. A resident individual may draw foreign exchange from an authorised person up to a prescribed annual cap for capital account transactions in Schedule I; remittances to acquire immovable property abroad are not permitted. Drawals for gifts or donations under the current account rules are subsumed within this cap. If drawal for a Schedule I transaction exceeds the annual cap, the transaction-specific regulatory limit applies. No part of the annual permitted drawal may be used, directly or indirectly, for remittances to jurisdictions designated as non-cooperative by the Financial Action Task Force.
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.
Foreign exchange drawal limits for resident individuals cap yearly capital account remittances and prohibit transfers to FATF noncooperative jurisdictions.
A resident individual may draw foreign exchange from an authorised person up to a prescribed annual cap for capital account transactions in Schedule I; remittances to acquire immovable property abroad are not permitted. Drawals for gifts or donations under the current account rules are subsumed within this cap. If drawal for a Schedule I transaction exceeds the annual cap, the transaction-specific regulatory limit applies. No part of the annual permitted drawal may be used, directly or indirectly, for remittances to jurisdictions designated as non-cooperative by the Financial Action Task Force.
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