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RBI Regulations under FEMA (Foreign Exchange Management Act, 1999)

[ FEMA and NRIs Preliminary Aspects Analysed ]

Section 47 of FEMA empowers the Reserve Bank of India to make regulations to carry out the provisions of the FEMA, and the rules made thereunder. In pursuance thereto, the RBI has made the following 21 regulations so far, dealing with different types of transactions involving foreign exchange, viz.—

  1. Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000

  2. Foreign Exchange Management (Issue of Security in India by a Branch, Office or Agency of a Person Resident Outside India) Regulations, 2000

  3. Foreign Exchange Management (Borrowings or Lending in Foreign Exchange) Regulations, 2000

  4. Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000

  5. Foreign Exchange Management (Deposit) Regulations, 2000

  6. Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2000

  7. Foreign Exchange Management (Guarantees) Regulations, 2000

  8. Foreign Exchange Management (Insurance) Regulations, 2000

  9. Foreign Exchange Management (Remittance of Assets) Regulations, 2000

  10. Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000

  11. Foreign Exchange Management (Establishment in India or Branch or Office or other Place of Business) Regulations, 2000

  12. Foreign Exchange Management (Investment in Firm or Proprietary Concern in India) Regulations, 2000

  13. Foreign Exchange Management (Export and Import of Currency) Regulations, 2000

  14. Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations 2000

  15. Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000

  16. Foreign Exchange Management (Export of Goods and Services) Regulations, 2000

  17. Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2000

  18. Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000

  19. Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000

  20. Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000

  21. Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000

Some of the important Regulations of great relevance for NRIs in general have been already explained. The relevant Regulation number along with the Schedule and Annexure has also been given in the following chapters, wherever necessary.

 
FEMA and NRIs — Preliminary Aspects Analysed
1. Basic Introductions- FEMA and NRIs
2. FEMA and FERA
3. NRIs Under Income Tax Act And Persons Resident Outside India Under FEMA
4. FEMA Rules
5. RBI Regulations under FEMA

 

 
 
 
 
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