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Power to Reserve Bank make Regulations [ Section 47 ] - FEMA Ready Reckoner - FEMAExtract Power to Reserve Bank make Regulations Regulation made by the Reserve Bank of India [ Section 47(1) ] The Reserve Bank may, by notification, make regulations to carry out the provisions of this Act and the rules made thereunder. In exercise of power by Reserve Bank of India under Section 47 of the act, Ten Regulation have been notified by Reserve Bank in official Gazette in respect of then capital account transaction refereed to in section 6(3) of the FEMA Act. Apart from the said ten regulation, Reserve Bank has exercised to power to make regulations for several other important matters, such as establishment for carrying in India of branch or the place of business by non- resident for carrying on any activity relating to such branch, office or other place of business as provided in section 6(6) of act. Likewise, Separate Regulations have been made pertaining to export goods and services [ Section 7(1)(a), 7(3) ] Manner of receipt and payment, remittance of Assets, Realisation, Repatriation and Surrender of foreign Exchange ( Section 8 ) , Insurance etc. Scope of the Reserve Bank s power [ Section 47(2) ] Without prejudice to the generality of the foregoing power, such regulations may provide for,- (a) the permissible classes of capital account transactions involving debt instruments determined under section 6(7) , the limits of admissibility of foreign exchange for such transactions, and the prohibition, restriction or regulation of such capital account transactions under section 6 ; (b) the manner and the form in which the declaration is to be furnished under section 7(1)(a) ; (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 ; (ga) export, import or holding of currency or currency notes; (h) any other matter which is required to be, or may be, specified. Transitory provision [ Section 47(3) ] All regulations made by the Reserve Bank before the date on which the provisions of this section are notified under section 6 and section 47 of this Act on capital account transactions, the regulation making power in respect of which now vests with the Central Government, shall continue to be valid, until amended or rescinded by the Central Government.
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