Prohibited Capital Account Transaction

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....uthorised person for any capital account transaction, • (a) a resident individual may, draw from an authorized person foreign exchange not exceeding USD 2,50,000/- per financial year or 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....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....edule I exceeds USD 2,50,000/- 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. • No part of the foreign exchange of USD 2,50,000/-, drawn under proviso (a) shall be used for remittance directly or indirectly to countries notified as non-co....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e eligible to subscribe, through banking channel and on non- repatriation basis, to such chit funds, without limit subject to the conditions stipulated by the Reserve Bank of India from time to time. • as Nidhi Company, or • in agricultural or plantation activities, or • in real estate business, or construction of farm houses, or • "real estate b....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....orea, • until further orders, unless there is specific approval from the Central Government to carry on any transaction. (d) Prohibition forexisting investment transactions • The existing investment transactions, with • any person who is, a citizen of or resident of Democratic People's Republic of Korea, or • an entity incorporated or oth....