Focus on management with foreign exchange surplus economy in mind. Similar treatment for current account and capital account transactions.
Dollar sale rules relaxed with clear cut conditions. RBI approval not required.
ED to only investigate cases referred to it by RBI. It has powers to search, but not to summon and arrest. Can arrest only with RBI approval and clearance from a magistrate. Statements recorded before ED not admissible in court.
Remittances into the accounts of kin in India allowed within permissible limits and as per RBI rules.
Won't cover economic and financial offences involving foreign exchange. New money-laundering Bill to tackle these issues.