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Foreign Exchange Management Act, 1999

(Act no 42 of 1999)

Contents

Sections

Particulars
1

Short title, extent, application and commencement

2

Definitions

3

Dealing in foreign exchange, etc.

4

Holding of foreign exchange, etc.

5

Current account transactions

6

Capital account transactions

7

Export of goods and services

8

Realization and repatriation of foreign exchange

9

Exemption from realization and repatriation in certain cases

10

Authorised person

11

Reserve Bank's powers to issue directions to authorized person

12

Power of Reserve Bank to inspect authorized person

13

Penalties

14

Enforcement of the orders of adjudicating authority

15

Power to compound contravention

16

Appointment of Adjudicating Authority

17

Appeal to Special Director (Appeals)

18

Establishment of Appellate Tribunal

19

Appeal to Appellate Tribunal

20

Composition of Appellate Tribunal

21

Qualifications for appointment of Chairperson, member and Special Director (Appeals)

22

Term of office

23

Terms and Conditions of service

24

Vacancies

25

Resignation and removal

26

Member to act as Chairperson in certain circumstances

27

Staff of Appellate Tribunal Special Director ( Appeals )

28

Procedure and powers of Appellate Tribunal & Special Director (Appeals)

29

Distribution of business amongst Benches

30

Power of Chairperson to transfer cases

31

Decision to be by majority

32

Right of appellant to take assistance of legal practitioner or Chartered Accountant and of Government, to appoint presenting officers

33

Members, etc., to be public servants

34

Civil court not to have jurisdiction

35

Appeal to High Court

36

Directorate of Enforcement

37

Power of search, seizure, etc.

38

Empowering other officers

39

Presumption as to documents in certain cases

40

Suspension of operation of this Act

41

Power of Central Government to give directions

42

Contravention by companies

43

Death or insolvency in certain cases

44

Bar of legal proceedings

45

Removal of difficulties

46

Power to make rules

47

Power to make regulations

48

Rules and regulations to be laid before Parliament

49

Repeal and saving

The Foreign Exchange Management Act,1999

[ 42 of 1999 ]

An Act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India

BE it enacted by Parliament in the Fiftieth Year of the Republic of India as follows:-



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