TaxTMI 
TaxTMI 
Prohibited Capital Account Transaction
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....tal 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 of Schedule III to Foreign Exchange Management (Current Acco....
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....e 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-cooperative countries and territories by Financial Action Task Force (FATF) from time to time and communicated by the Rese....
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....om 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 business" shall not include development of townships, construction of residential/commercial premises, roads or bridges and Real Estate Investment Trusts (REITs) registered and regulated under the SEBI (REITs) Regulations 2014. ....
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.... Democratic People's Republic 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 I....