MANU/RFEM/0001/2000

Department / Board :RBI-Exchange Control Department

Notification No :FEMA 1/2000

Date : 03.05.2000

Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000".

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 makes, in consultation with the Central Government, following regulations relating to capital account transactions, namely :

1. Short title and commencement :-

(i) These Regulations may be called the "Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000".

(ii) They shall come into force on the 1st day of June, 2000.

2. Definitions :-

In these Regulations, unless the context requires otherwise, -

(a) 'Act' means, the Foreign Exchange Management Act, 1999 (42 of 1999);

(b) "Drawal " means drawal of foreign exchange from an authorised person and includes opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM card or any other thing by whatever name called which has the effect of creating foreign exchange liability.

(c) 'Schedule' means a schedule to these Regulations;

(d) 'Transferable Development Rights' means certificates issued in respect of category of land acquired for public purpose either by Central or State Government in consideration of surrender of land by the owner without monetary compensation, which are transferable in part or whole;

(e) The words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act.

3. Permissible Capital Account Transactions :-