Capital Account Transaction [Section 6 of FEMA Act, 1999]

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....saction is "Capital Account Transaction" or a "Current Account Transaction". * The section gives a liberty by providing that any person may sell or draw foreign exchange to or from an authorised person for capital account transactions. * the liberty to do so is subject to the provisions of section 6(2) and 6(2A), which states that the Reserve Bank and the Central Government may specify cl....

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....tion 2(e)) * In terms of Section 6(1), any person may sell or draw foreign exchange to or from an authorised person for a capital account transaction is now permitted by the Reserve Bank in respect of the specified class of such transaction subject to the monetary limit upto which foreign exchange is admissible for such transaction. * As per section 6(2A) of FEMA Act, 1999 Read with Rule 5 o....