Foreign Exchange Management Act, 1999
47. Power to make regulations.-
(1) The 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, specified1
1. See the following
* FEM (Insurance) Regulation 2000
* FEM (Remittance of Assets) Regulations,2000
* FEM ( Manner of Receipt and payment) Regulation 2000
* FEM (Investment in Firm or Proprietory Concern in India) Regulation 2000
* FEM (Foreign Exchange Derivative Contracts) Regulation 2000
* FEM (Offshore Banking Unit) Regulations,2002
* FEM (Withdrawal of General Permission to OCBS) Regulations 2003