FEMAにおける資本取引とは、偶発債務を含む資産または負債を変動させる取引を指します。これは、インド居住者が保有するインド国外の資産・負債、あるいはインド非居住者が保有するインド国内の資産・負債に変動が生じる場合を対象としています。
Capital Account transactions can be better understood with following example:
Capital Account Transactions Based on Residential Status
| Residential Status of Mr. A |
Transaction Entered |
Capital Account Transaction? |
| Indian Resident |
Purchase immovable property outside India |
✅ Yes – alters assets outside India of a resident. |
| Indian Resident |
Purchase immovable property in India |
❌ No – no change in assets outside India. |
| Resident outside India |
Purchase immovable property in India |
✅ Yes – alters assets in India of a non-resident. |
| Resident outside India |
Purchase immovable property outside India |
❌ No – no change in assets in India. |
1. 許可されている資本取引
資本取引については、以下の例を用いるとより理解しやすくなります。
規則3と併せて読まれるスケジュールIに基づき、インド居住者は以下の資本取引のために外国為替の売買を行うことが許可されています。ただし、取引額が許容限度額を超えない場合に限ります。
- Investment by a person resident in India in foreign securities.
- Foreign currency loans raised in India and abroad by a person resident in India.
- Transfer of immovable property outside India by a person resident in India.
- Guarantees issued by a person resident in India in favor of a person resident outside India.
- Export, import and holding of currency/currency notes
- Loans and overdrafts (borrowings) taken by a person resident in India from a person resident outside India.
- Maintenance of foreign currency accounts in India and outside India by a person resident in India.
- Taking out an insurance policy by a person resident in India from an insurance company outside India.
- Loans and overdrafts by a person resident in India to a person resident outside India.
- Remittance outside India of capital assets of a person resident in India.
- Sale and purchase of foreign exchange derivatives in India and abroad and commodity derivatives abroad by a person resident in India.
自由化送金スキーム（LRS）に基づき、資本取引はインド準備銀行（RBI）の承認なしに、1会計年度あたり25万米ドルまで許可されています。25万米ドルを超える資本取引には、事前にRBIの承認が必要です。
1.1 インド居住者に対して許可されている資本取引（規則第3条と併せて読むスケジュールI）
規則3と併せて読まれる本規則のスケジュールIIに基づき、インド非居住者は、所定の限度額の範囲内で以下の資本取引を行うことが許可されています。
- Investment in India by a person resident outside India, that is to say,
- Security are issued by a body corporate or an entity in India and investment in such security is made by a person resident outside India; and
- investment by way of capital contribution by a person resident outside India to the capital of a firm or a proprietorship concern or an association of persons in India.
- Acquisition and transfer of immovable property in India by a person resident outside India.
- Guarantee by a person resident outside India in favor of, or on behalf of, a person resident in India.
- Import and export of currency/currency notes into/from India by a person resident outside India.
- Deposits between a person resident in India and a person resident outside India.
- Foreign currency accounts in India of a person resident outside India.
- Remittance outside India of capital assets in India of a person resident outside India.
- Undertaking derivative contracts.
ただし、FEMA法第6条(4)および(5)に基づき、「インド居住者」のステータスを保持していた期間中に得たインドルピー、および「インド非居住者」のステータスを保持していた期間中に得た外貨は、それぞれ「インド非居住者」または「インド居住者」という別のステータスを保持している期間中であっても、制限なく利用することができます。このような取引は、年間25万米ドルの限度額の計算対象とはみなされません。
2. Prohibited Capital Account transactions (Regulations 4)
本規則の第4条に基づき、いかなる者も、資本取引のために認定代理人との間で外国為替の売買を行ってはなりません。したがって、スケジュールIおよびスケジュールIIに含まれない資本取引は、すべて禁止されています。
Further, as per Regulation No. 4, No person resident outside India shall make investment in India in any entity, where such entity is engaged or proposes to engage -
- チットファンド事業、または
- ニディ・カンパニー（Nidhi Company）として、または
- 農業やプランテーション活動において、または
- 不動産業、または農家の建設において、または
- 譲渡可能開発権（TDR）の取引において。
1.2 インド非居住者に対して許可されている資本取引（規則第3条と併せて読むスケジュールII）
3.1 インド準備銀行（RBI）の権限
- As per Section 6(2) of Foreign Exchange Management Act (“FEMA”), Reserve Bank of India, in consultation with the Central Government, may specify:
- Capital transactions, involving debt instruments, which are permissible
- Limit upto which foreign exchange is permissible for such transactions
- Any additional condition that is required to be fulfilled
- 「債務証券」とは、インド準備銀行（RBI）と協議の上、中央政府が決定するあらゆる取引を指します。
- 以前は、第6条(3)にインド準備銀行が禁止、制限、または規制できる資本取引のリストが含まれていましたが、当該サブセクションは2019年10月15日付で削除されました。
3.2 POWER OF CENTRAL GOVERNMENT
- A new sub-section (2A) has been inserted in Section 6 of FEMA. As per Section 6(2A), Central government, in consultation with RBI, may specify:
- Capital transactions, not involving debt instruments, which are permissible
- Limit upto which foreign exchange is permissible for such transactions
- Any additional condition that is required to be fulfilled
- Therefore, as per joint reading of Section 6(2) and Section 6(2A) of FEMA, both RBI and Central Government are authorised to frame rules in relation with Capital Account Transactions in consultation with each other.
- However, with respect to debt instrument, only RBI is authorised to prescribe conditions and limit.
- Both Reserve Bank of India or the Central Government shall not impose any restrictions on:
- Payment made for amortisation of loan or
- Payment made for not depreciation of direct investments in the ordinary course of business
- For other capital account transactions, a person is free to buy or sell foreign exchange.
- As per Section 6(4) of FEMA, However, if a “person resident in India” possesses some foreign currency which was earned by him at the time when he was “person resident outside India” or such currency is inherited by him from a person who is resident outside India. In such a case, that foreign currency can be used to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India. Therefore, no restriction is applicable for foreign currency which was earned while holding the status of person resident outside India.
例：
| Year |
Residential Status |
Currency Earned |
| 2017 |
Person resident outside India |
💵 Foreign Currency $1,00,000 |
| 2018 |
Person resident outside India |
💵 Foreign Currency $2,00,000 |
| 2019 |
Person resident in India |
💰 INR 10,00,000 |
In such a case, during the year 2019, when a person holds the status of resident in India. However, still he can use his foreign currency of $3,00,000 for the purpose of investment in foreign securities, immovable property located outside India etc. This amount was earned by the person when he was resident outside India.
Similarly, if a person resident outside India holds some Indian currency and such currency was earned by him at the time when he was “person resident in India” or such currency was acquired from a person who was “person resident In India”. In such case, that foreign currency can be used for investment in Indian Securities, immovable property in India etc. without any restriction.
4. Regulations on Capital Account Transactions under FEMA
In exercise of power given under Section 6, Reserve Bank of India notified Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 (“The Regulations”). Through this act, RBI has issued following regulations for capital account transactions:
As per Regulation No. 3, Transactions given in Schedule I (Transaction by person resident in India) and Schedule II (transaction by person resident outside India) are permitted. However, transaction amount should not exceed provided threshold limits.
Transactions given in Regulation 4 are completely prohibited.
5. Method of payment for investment
Payment for investment shall be made by either of the following methods:
- Remittance from abroad through normal banking channels or
- By debit to an account of the investor maintained with an authorized person in India.
6. Contraventions and Penalty
- As per Section 13 of FEMA, If a person contravene any provisions of FEMA then he shall be liable to pay penalty:
- upto 3 times of the sum involved in contravention, where amount is quantifiable, or
- Upto INR 2,00,000, where the amount is not quantifiable.
- In case of continuing default, penalty upto INR 5000 per day shall be levied for all such days during which default continues.
- In addition to the above mentioned penalty, any currency, security or any other money or property in respect of which contravention has taken place shall be liable for confiscation. Further, foreign exchange holding, if any, of the person who has committed the contravention shall be brought back to Indian or shall be retained outside India.
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