Under FEMA, who has the power to impose reasonable restrictions on current account transactions in the public interest?

Under Section 5 of FEMA, the Central Government, in consultation with the Reserve Bank, may impose reasonable restrictions on current account transactions in the public interest. The Foreign Exchange Management (Current Account Transactions) Rules specify the transactions that are prohibited, those requiring government approval, and those requiring RBI approval. Most current account transactions remain free. This division of authority places ultimate control of current account restrictions with the government, advised by the RBI.