What are Current account transactions? Section 5 of FEMA Act 1999
5. Any person may sell or draw foreign exchange to or from an authorised person if such sale or drawal is a current account transaction:
Provided that the Central Government may, in public interest and in consultation with the Reserve Bank, impose such reasonable restrictions for current account transactions as may be prescribed.
REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE
CONTRAVENTION AND PENALTIES