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of <h1>RBI Amends Forex Regulations: Residents Can Draw Up to USD 125,000 Annually for Capital Account Transactions</h1> The Reserve Bank of India, under the Foreign Exchange Management Act, 1999, announced amendments to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000. Effective from June 24, 2014, the amendments specify that resident individuals may draw foreign exchange up to USD 125,000 per financial year for capital account transactions listed in Schedule I. This limit includes remittances for gifts or donations. Exceeding this limit requires adherence to specific regulations. Additionally, funds drawn cannot be remitted to countries identified as non-cooperative by the Financial Action Task Force.
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