Section 6(3) in The Foreign Exchange Management Act, 1999
(3)Without prejudice to the generality of the provisions of sub-section (2), the Reserve Bank may, by regulations, prohibit, restrict or regulate the following(a)transfer or issue of any foreign security by a person resident in India;(b)transfer or issue of any security by a person resident outside India;(c)transfer or issue of any security or foreign security by any branch, office or agency in India of a person resident outside India;(d)any borrowing or lending in foreign exchange in whatever form or by whatever name called;(e)any borrowing or lending in rupees in whatever form or by whatever name called between a person resident in India and a person resident outside India;(f)deposits between persons resident in India and persons resident outside India;(g)export, import or holding of currency or currency notes;(h)transfer of immovable property outside India, other than a lease not exceeding five years, by a person resident in India;(i)acquisition or transfer of immovable property in India, other than a lease not exceeding five years, by a person resident outside India;(j)giving of a guarantee or surety in respect of any debt, obligation or other liability incurred(i)by a person resident in India and owed to a person resident outside India; or(ii)by a person resident outside India.
