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Foreign Exchange Management Act,1999


47. Power to make regulations

(1) Reserve Bank may, by notification, make regulations, to carry out the provisions of this Act and the rules made thereunder :

(2) Without prejudice to the generality of the foregoing power, such regulations may provide for,-

1. the permissible classes of capital account transactions, the limits of admissibility of foreign exchange for such transactions, and the prohibition, restriction or regulation of certain capital account transactions under section 6;

2. the manner and the form in which the declaration is to be furnished under clause (a) of sub-section (1) of section 7;

3. the period within which and the manner of repatriation of foreign exchange under section 8;

4. the limit up to which any person may possess foreign currency or foreign coins under clause (a) of section 9;

5. the class of persons and the limit up to which foreign currency account may be held or operated under clause (b) of section 9;

6. the limit up to which foreign exchange acquired may be exempted under clause (d) of section 9;

7. the limit up to which foreign exchange acquired may be retained under clause (e) of section 9;

8. any other matter which is required to be, or may be, specified.



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