RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI-400 001
Notification No.FEMA.282/2013-RB
Dated : August 14, 2013
Foreign Exchange Management (Permissible Capital Account Transactions)
(Amendment) Regulations, 2013
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, 2013.
(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 thereunder, a resident individual may, draw
from an authorized person foreign exchange not exceeding USD 75000 per financial
year or such amount as decided by Reserve Bank from time to time for a capital
account transaction specified in Schedule I. Further, any remittances for
acquisition of immovable property outside India under the Scheme shall not be
permitted.
Explanation: Drawal of foreign exchange by resident individuals towards
remittances of gift or donations as per item No. 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 exceeds USD 75000 or as
decided by Reserve Bank from time to time as the case may be, per financial
year, 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 75000 or as decided
by Reserve Bank from time to time as the case may be, 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:
i. No. G.S.R.207 (E) dated March 23,2004 and
ii. No. G.S.R.14 (E) dated January 5,2008