Drawal limit for resident individuals in capital account transactions increased, subject to regulatory caps and FATF non-cooperation restrictions. Amendment permits a resident individual to draw foreign exchange from an authorized person up to the limit determined by the Reserve Bank for a financial year for specified capital account transactions in Schedule I, subsuming certain current account drawals within that limit; if drawals exceed the annual limit, the transaction-specific regulatory limit applies to the excess, and no part of the permitted drawal may be used for remittances to jurisdictions designated non-cooperative by the Financial Action Task Force.
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Drawal limit for resident individuals in capital account transactions increased, subject to regulatory caps and FATF non-cooperation restrictions.
Amendment permits a resident individual to draw foreign exchange from an authorized person up to the limit determined by the Reserve Bank for a financial year for specified capital account transactions in Schedule I, subsuming certain current account drawals within that limit; if drawals exceed the annual limit, the transaction-specific regulatory limit applies to the excess, and no part of the permitted drawal may be used for remittances to jurisdictions designated non-cooperative by the Financial Action Task Force.
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