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:-