As far as current account is concerned, the statute mandates that there shall be no restrictions except such that are placed by the Central Government in consultation with the Reserve Bank.
The restrictions that figure in the rule-book mostly relate to some (socially undesirable) non-priority activities like gambling, transactions that can be used to dress capital accounts transactions as current account transactions, and some with strategic implications. There is also some asymmetry, in practice if not in precept, between the current account transactions that involve an outward remittance and those that involve an inward one.