\nThey shall come into force from the date of their publication in the Official Gazette.<\/p>\n<\/li>\n<\/ol>\n
2. Amendment to the Regulations:-<\/p>\n
In the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000, in Regulation 4, in sub-regulation (a), for the existing provisos, the following shall be substituted:-<\/p>\n
“PROVIDED that \u2013<\/p>\n
(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 250,000 per financial year or such amount as decided by Reserve Bank from time to time for a capital account transaction specified in Schedule I.<\/p>\n
Explanation<\/em>: 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.<\/p>\n(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.<\/p>\n
PROVIDED FURTHER that no part of the foreign exchange of USD 250,000, 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.”<\/p>\n
(B. P. Kanungo)
Principal Chief General Manager<\/p>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"
RESERVE BANK OF INDIAFOREIGN EXCHANGE DEPARTMENTCENTRAL OFFICEMUMBAI-400 001 Notification No. FEMA. 341\/2015-RB May 26, 2015 Foreign Exchange Management (Permissible Capital Account Transactions)(Third Amendment) Regulations, 2015 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 … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10],"tags":[355],"class_list":["post-638","post","type-post","status-publish","format-standard","hentry","category-banking","tag-capital-account-transaction"],"yoast_head":"\nA resident individual may, draw from an authorized person foreign exchange not exceeding USD 250000 per financial year for a capital account transaction specified in Schedule I - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/banking\/a-resident-individual-may-draw-from-an-authorized-person-foreign-exchange-not-exceeding-usd-250000-per-financial-year-for-a-capital-account-transaction-specified-in-schedule-i\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A resident individual may, draw from an authorized person foreign exchange not exceeding USD 250000 per financial year for a capital account transaction specified in Schedule I - All About Finance\" \/>\n<meta property=\"og:description\" content=\"RESERVE BANK OF INDIAFOREIGN EXCHANGE DEPARTMENTCENTRAL OFFICEMUMBAI-400 001 Notification No. FEMA. 341\/2015-RB May 26, 2015 Foreign Exchange Management (Permissible Capital Account Transactions)(Third Amendment) Regulations, 2015 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 ... 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