TaxTMI 
TaxTMI 
Prohibition
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....such amount as decided by Reserve Bank from time to time for a capital account transaction specified in Schedule I. Explanation: Drawal of foreign exchange as per item number 1 of Schedule III to Foreign Exchange Management (Current Account Transactions) Rules, 2000 dated 3rd May, 2000 as amended from time to time, shall be subsumed within the limit under proviso (a) above. (b) Where the drawal of foreign exchange by a resident individual for any capital account transaction specified in Schedule I exceeds USD 250,000 per financial year, or as decided by Reserve Bank from time to time as the case may be, the limit specified in the regulations relevant to the transaction shall apply with respect to such drawal. Prov....
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....lic of Korea, or an entity incorporated or otherwise in Democratic People's Republic of Korea, or any existing representative office or other assets possessed in Democratic People's Republic of Korea, by a person resident in India, which is not permissible in terms of Order S.O. 1549(E) dated April 21, 2017, as amended from time to time, of the Government of India, Ministry of External Affairs shall be closed/liquidated/disposed/settled within a period of 180 days from the date of issue of this Notification, unless there is specific approval from the Central Government to continue beyond that period.] Explanation: ^7[(i) For the purpose of this regulation, "real estate business" shall not include development of townships, constr....
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....apply with respect to the drawal. Provided further that no part of the foreign exchange of USD 25,000 drawn under clause (a) of the first proviso shall be used for remittance directly or indirectly to countries notified as non-co-operative countries and territories by Financial Action Task Force (FATF) from time to time and communicated by the Reserve Bank of India to all concerned.]" 3. Substituted vide Notification No. 282/2013-RB dated 14-08-2013, w.e.f. 14-08-2013 before it was read as, "^2[Provided that- (a) subject to the provisions of the Act or the rules or regulations or directions or orders made or issued thereunder, a resident individual may, draw from an authorized person foreign exchange....
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.... (a) subject to the provisions of the Act or the rules or regulations or directions or orders made or issued thereunder, a resident individual may, draw from an authorized person foreign exchange not exceeding USD 75000 per financial year or such amount as decided by Reserve Bank from time to time for a capital account transaction specified in Schedule I. Further, any remittances for acquisition of immovable property outside India under the Scheme shall not be permitted. Explanation : Drawal of foreign exchange by resident individuals towards remittances of gift or donations as per item No. 3 and 4 of Schedule III to Foreign Exchange Management (Current Account Transactions) Rules, 2000 dated 3rd May 2000 as amended from time ....
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....ule I. Explanation: Drawal of foreign exchange by resident individuals towards remittances of gift or donations as per item Nos. 3 and 4 of Schedule III to Foreign Exchange Management (Current Account Transactions) Rules, 2000 dated 3rd May, 2000, as amended from time to time, shall be subsumed within the limit under proviso (a) above. (b) Where the drawal of foreign exchange by a resident individual for any capital account transaction specified in Schedule I exceed USD 125000 per financial year, or as decided by Reserve Bank from time to time, as the case may be, the limit specified in the regulations relevant to the transaction shall apply with respect to such drawal. Provide Further that no part of the for....