TaxTMI 
TaxTMI 
Capital Account Transactions
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....ith the Central Government, specify- ^1[(a) any class or classes of capital account transactions, involving debt instruments, which are permissible;] (b) the limit up to which foreign exchange shall be admissible for such transaction: ^2[(c) any conditions which may be placed on such transactions;] ^3[Provided that the Reserve Bank or the Central Government shal....
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....ired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India. (5) A person resident outside India may hold, own, transfer or invest in Indian currency, security or any immovable property situated in India if such currency, security or property was acquired, held or owned by such person when he was resident in India or inherited ....
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....tions which are permissible;" 2. Inserted vide Section 139 of the Finance Act, 2015 dated 14-05-2015 w.e.f. 15-10-2019. 3. Substituted vide Section 139 of the Finance Act, 2015 dated 14-05-2015 w.e.f. 15-10-2019, before it was read as, "Provided that the Reserve Bank shall not impose any restriction on the drawal of foreign exchange for payments d....
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.... agency in India of a person resident outside India; (d) any borrowing or lending in foreign exchange in whatever form or by whatever name called; (e) any borrowing or lending in rupees in whatever form or by whatever name called between a person resident in India and a person resident outside India; (f) deposits between persons resident in India and persons resident out....