Amendment of section 46
169. In section 46 of the Foreign Exchange Act, in sub-section (2),-
(i) after clause (a), the following clauses shall be inserted, namely:-
“(aa) the instruments which are determined to be debt instruments under sub-section (7) of section 6;
(ab) the permissible classes of capital account transactions in accordance with sub-section
(2A) of section 6, the limits of admissibility of foreign exchange, and the prohibition, restriction or regulation of such transactions;”;
(ii) after clause (g), the following clause shall be inserted, namely:-
“(gg) the aggregate value of foreign exchange referred to in sub-section (1) of section 37A;’’.
Notes on Clauses:
Clauses 166 and 170 of the Bill seek to amend sections 18, 34, 46 and 47 of the Foreign Exchange and Management Act, 1999. The said amendments are consequential to the Part VII providing for the amendments to the Prevention of Money laundering Act, 2002.
