Foreign exchange drawal limits for resident individuals increased and restricted from use with non-cooperative jurisdictions. The amendment raises the annual ceiling on foreign exchange drawal by a resident individual for specified capital account transactions in phased steps, subsumes gift and donation remittances into that annual limit, and provides that where drawals exceed the annual ceiling the transaction-specific regulatory limit applies. It further prohibits using any portion of the annual ceiling drawal for remittances to jurisdictions designated as non-cooperative by the Financial Action Task Force, subject to the Act and related rules and directions.
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Provisions expressly mentioned in the judgment/order text.
Foreign exchange drawal limits for resident individuals increased and restricted from use with non-cooperative jurisdictions.
The amendment raises the annual ceiling on foreign exchange drawal by a resident individual for specified capital account transactions in phased steps, subsumes gift and donation remittances into that annual limit, and provides that where drawals exceed the annual ceiling the transaction-specific regulatory limit applies. It further prohibits using any portion of the annual ceiling drawal for remittances to jurisdictions designated as non-cooperative by the Financial Action Task Force, subject to the Act and related rules and directions.
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