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Foreign Exchange Management Act, 1999

(Act no 42 of 1999)

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

[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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