The Foreign Exchange Maintenance 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 there under :
(2) Without prejudice to the generality of the foregoing power, such regulations may provide for,-
(a) 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;
(b) The manner and the form in which the declaration is to be furnished under clause (a) of sub-section (1) of section 7;
(c) The period within which and the manner of repatriation of foreign exchange under section 8;
(d) The limit up to which any person may possess foreign currency or foreign coins under clause (a) of section 9;
(e) The class of persons and the limit up to which foreign currency account may be held or operated under clause (b) of section 9;
(f) The limit up to which foreign exchange acquired may be exempted under clause (d) of section 9;
(g) The limit up to which foreign exchange acquired may be retained under clause (e) of section 9;
(h) Any other matter which is required to be, or may be, specified.
The Foreign Exchange Maintenance Act, 1999
