Foreign Exchange Management (Permissible Capital Account Transactions)(Amendment) Regulations, 2014 - 311/2014-RB - Foreign Exchange Management

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI-400 001 Notification No. FEMA. 311/2014-RB June 24, 2014 Foreign Exchange Management (Permissible Capital Account Transactions)(Amendment) Regulations, 2014 G.S.R. No. 488 (E) - In exercise of the powers conferred by sub-section (2) of Section 6 , Sub-Section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) the Reserve Bank of India, in consultation with Central Government, makes the following Regulations to amend the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 , ( Notification No. FEMA.1/2000 RB dated May 3, 2000 ) namely: 1. Short Title Commencement (i) These Regulations may be called the Foreign Exchange Management (Permissible Capital Account Transactions) (Amendment) Regulations, 2014. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment to the Regulations In the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 , in regulation 4, in sub-regulation (a) , for the provisos, the following shall be substituted:- PROVIDED that (a) subject to the provisions of the Act or the rules or regulations or directions or orders made or issued there under, a resident individual may draw from an authorized person foreign exchange not exceeding USD 125000 per financial year or such amount as may be decided by Reserve Bank from time to time for a capital account transaction specified in Schedule 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. PROVIDED FURTHER that no part of the foreign exchange of USD 125000 drawn under proviso (a) 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. (C.D. Srinivasan) Chief General Manager Foot Note: The Principal Regulations were published in the Official Gazette vide No. G.S.R. No.384 (E) dated May 5, 2000 in Part II, Section 3, sub-section (i) and subsequently amended vide: G.S.R.207 (E) dated March 23, 2004 G.S.R.14 (E) dated January 5, 2008 G.S.R.551 (E) dated August 14, 2013