Prohibited Capital Account Transaction

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..... authorised person for any capital account transaction, (a) a resident individual may, draw from an authorized person foreign exchange not exceeding USD 2,50,000/- per financial year or such amount as decided by Reserve Bank from time to time for a capital account transaction specified in Schedule I . Explanation: Drawal of foreign exchange as per item number 1 of Schedule .....

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..... 0/- 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. No part of the foreign exchange of USD 2,50,000/-, drawn under proviso (a) shall be used for remittance directly or indirectly to countries notified as non-cooperative countries and territories .....

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..... epatriation basis, to such chit funds, without limit subject to the conditions stipulated by the Reserve Bank of India from time to time. as Nidhi Company , or in agricultural or plantation activities or in real estate business, or construction of farm houses or real estate business shall not include development of townships, construction of residential/commercial .....

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..... transaction. (d) Prohibition forexisting investment transactions The existing investment transactions , with any person who is, a citizen of or resident of Democratic People s Republic of Korea, or an entity incorporated or otherwise in Democratic People s Republic of Korea, or any existing representative office or other assets possessed in Democratic Pe .....

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..... he regulations made by the Reserve Bank under the Act. Regulation 6 - Declaration to be furnished of Foreign Exchange Management (Permissible Account Transaction) Regulation, 2000 Every person selling or drawing foreign exchange to or from an authorised person for a capital account transaction shall furnish a declaration in relevant transaction to the Reserve Bank. .....

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