Uma
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Pankaj
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CAPITAL ACCOUNT TRANSACTIONS AND CURRENT ACCOUNT TRANSACTIONS
As per section 2(e) of the FEMA, Capital account transaction is one which alters
the assets or liabilities including contingent liabilities, outside India of persons
resident in India, or assets or liabilities in India of person resident outside India and
includes transactions specified in Sub-section(3) of Section 6 of the Act.
The term current account transaction has been defined under section 2(j). of the
FEMA to mean a transaction other than a capital account transaction and includes
payments due in connection with foreign trade, other current business, services and
short term banking and credit facilities in the ordinary course of business; payments
due as interest on loan and as net income from investments; remittances for living
expenses of parents, spouse and children residing abroad and expenses in
connection with foreign travel, education and medical care of parents, spouse and
children.
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veeru
answered
As per section 2(e) of the FEMA, Capital account transaction is one which alters
the assets or liabilities including contingent liabilities, outside India of persons
resident in India, or assets or liabilities in India of person resident outside India and
includes transactions specified in Sub-section(3) of Section 6 of the Act.
lochan
answered
**CAPITAL ACCOUNT TRANSACTIONS AND CURRENT ACCOUNT TRANSACTIONS**
As per section 2(e) of the FEMA, Capital account transaction is one which alters
the assets or liabilities including contingent liabilities, outside India of persons
resident in India, or assets or liabilities in India of person resident outside India and
includes transactions specified in Sub-section(3) of Section 6 of the Act.
The term current account transaction has been defined under section 2(j). of the
FEMA to mean a transaction other than a capital account transaction and includes
payments due in connection with foreign trade, other current business, services and
short term banking and credit facilities in the ordinary course of business; payments
due as interest on loan and as net income from investments; remittances for living
expenses of parents, spouse and children residing abroad and expenses in
connection with foreign travel, education and medical care of parents, spouse and
children.
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