Amendment of section 47

Section 144 of the Finance Act, 2015 deals with amendment of section 47. Amendment of section 47 144. In section 47 of the Foreign Exchange Act,— (A) in sub-section (2),— (i) | for clause (a), the following clause shall be substituted, namely:— "(a) | the permissible classes of capital account transactions involving debt instruments determined under sub-section (7) of se

Amendment of section 47

144. In section 47 of the Foreign Exchange Act,—

(A) in sub-section (2),—

(i)

for clause (a), the following clause shall be substituted, namely:—

"(a)

the permissible classes of capital account transactions involving debt instruments determined under sub-section (7) of section 6, the limits of admissibility of foreign exchange for such transactions, and the prohibition, restriction or regulation of such capital account transactions under section 6;";

(ii)

after clause (g), the following clause shall be inserted, namely:—

"(ga)

export, import or holding of currency or currency notes;";

(B) after sub-section (2), the following sub-section shall be inserted, namely:—

"(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making power in respect of which now vests with the Central Government, shall continue to be valid, until amended or rescinded by the Central Government.".

Section 144, The Finance Act, 2015 (Act 20 of 2015).