Ceiling on transactions
Under the Foreign Exchange Management Act, Indian residents have the freedom to buy and sell foreign exchange for a wide range of transactions. The permissible capital account transactions include investing in foreign securities and transfer of immovable property outside India.
On the other hand, the current account transactions, which do not alter a person's assets or liabilities outside India, do not require permission from RBI. However, there are some ceilings that have to be adhered to.
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Also See: Currency convertor