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
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:
- 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.
- 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
Published in the Official Gazette of Government
of India – Extraordinary – Part-II, Section 3,
Sub-Section (i) dated 11.07.2014- G.S.R.No.488 (E)