{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"139","heading":"Amendment of section 6","text":"Amendment of section 6 139. In section 6 of the Foreign Exchange Act,— (A) | in sub-section (2),— (i) | for clause (a), the following clause shall be substituted, namely:— \"(a) | any class or classes of capital account transactions, involving debt instruments, which are permissible;\"; (ii) | after clause (b), the following clause shall be inserted, namely:— \"(c) | any conditions which may be placed on such transactions;\"; (iii) | for the proviso, the following proviso shall be substituted, namely:— \"Provided that the Reserve Bank or the Central Government shall not impose any restrictions on the drawal of foreign exchange for payment due on account of amortisation of loans or for depreciation of direct investments in the ordinary course of business.\"; (B) | after sub-section (2), the following sub-section shall be inserted, namely:— \"(2A) | The Central Government may, in consultation with the Reserve Bank, prescribe— (a) | any class or classes of capital account transactions, not involving debt instruments, which are permissible; (b) | the limit up to which foreign exchange shall be admissible for such transactions; and (c) | any conditions which may be placed on such transactions.\"; (C) | sub-section (3) shall be omitted; (D) | after sub-section (6), the following sub-section shall be inserted, namely:— '(7) | For the purposes of this section, the term \"debt instruments\" shall mean, such instruments as may be determined by the Central Government in consultation with the Reserve Bank.'.","html":"<p><b> Amendment of section 6 </b></p><p><b> 139.</b> In section 6 of the Foreign Exchange Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>in sub-section (<i>2</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for clause (<i>a</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>a</i>)</td><td></td><td>any class or classes of capital account transactions, involving debt instruments, which are permissible;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>after clause (<i>b</i>), the following clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>c</i>)</td><td></td><td>any conditions which may be placed on such transactions;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>iii</i>)</td><td></td><td>for the proviso, the following proviso shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided</b> that the Reserve Bank or the Central Government shall not impose any restrictions on the drawal of foreign exchange for payment due on account of amortisation of loans or for depreciation of direct investments in the ordinary course of business.\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>B</i>)</td><td></td><td>after sub-section (<i>2</i>), the following sub-section shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>2A</i>)</td><td></td><td>The Central Government may, in consultation with the Reserve Bank, prescribe—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>any class or classes of capital account transactions, not involving debt instruments, which are permissible;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the limit up to which foreign exchange shall be admissible for such transactions; and</td></tr><tr><td>(<i>c</i>)</td><td></td><td>any conditions which may be placed on such transactions.\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>C</i>)</td><td></td><td>sub-section (<i>3</i>) shall be omitted;</td></tr><tr><td>(<i>D</i>)</td><td></td><td>after sub-section (<i>6</i>), the following sub-section shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>7</i>)</td><td></td><td>For the purposes of this section, the term \"debt instruments\" shall mean, such instruments as may be determined by the Central Government in consultation with the Reserve Bank.'.</td></tr></table></div>","words":240,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/section/139/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}