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FEMA (Foreign exchange management act 1999) is a transition of control regime to Facilitation regime Preamble is a preface or introduction especially of an act of parliament leaving its resence and purposes it lays down the aims and objects for which a particular act is passed. Contingent Liabilities in India of persons resident outside India the alteration of the same is not a Capital account transaction Q) Mr. Ramesh and Mr. Suresh are brothers and Ramesh is residing London since June, 2009. In April, 2010, Ramesh is granted housing loan by HDFC Bank for Rs.50 lacs for purchasing a flat at Chennai and Mr. Suresh has stood as a guarantor for Ramesh for due repayment of the said loan. Mr. Ramesh has also stood as a guarantor for a loan availed by Mr. Suresh from Canara Bank for purchasing a flat at Bangalore. Mr. Ramesh remits to HDFC Bank, the interest on the loan every quarter. State which are capital Account and Current Account transactions under FEMA. Non Resident

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