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The Foreign Exchange Management Act, 1999

Central

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.

Act number
42 of 1999
Ministry
Ministry of Finance
Department
Department of Economic Affairs
Enacted
29 Dec 1999

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

52 sections

  1. Section 1Short title, extent, application and commencement.
  2. Section 2Definitions.
  3. Section 3Dealing in foreign exchange, etc.
  4. Section 4Holding of foreign exchange, etc.
  5. Section 5Current account transactions.
  6. Section 6Capital account transactions.
  7. Section 7Export of goods and services.
  8. Section 8Realisation and repatriation of foreign exchange.
  9. Section 9Exemption from realisation and repatriation in certain cases.
  10. Section 10Authorised person.
  11. Section 11Reserve Bank's powers to issue directions to authorised person.
  12. Section 12Power of Reserve Bank to inspect authorised person.
  13. Section 13Penalties.
  14. Section 14Enforcement of the orders of Adjudicating Authority.
  15. Section 14APower of recover arrears of penalty.
  16. Section 15Power to compound contravention.
  17. Section 16Appointment of Adjudicating Authority.
  18. Section 17Appeal to Special Director (Appeals).
  19. Section 18Appellate Tribunal.
  20. Section 19Appeal to Appellate Tribunal.
  21. Section 20Omitted.
  22. Section 21Qualifications, for appointment of Special Director (Appeals).
  23. Section 22Omitted.
  24. Section 23Terms and Conditions of service Special Director (Appeals).
  25. Section 24Omitted.
  26. Section 25Omitted.
  27. Section 26Member to act as Chairperson in certain circumstances.
  28. Section 27Staff of Special Director (Appeals).
  29. Section 28Procedure and powers of Appellate Tribunal and Special Director (Appeals).
  30. Section 29Omitted.
  31. Section 30Omitted.
  32. Section 31Omitted.
  33. Section 32Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers.
  34. Section 33Members, etc., to be public servants.
  35. Section 34Civil court not to have jurisdiction.
  36. Section 35Appeal to High Court.
  37. Section 36Directorate of Enforcement.
  38. Section 37Power of search, seizure, etc.
  39. Section 37ASpecial provisions relating to assets held outside India in contravention of section 4
  40. Section 38Empowering other officers.
  41. Section 39Presumption as to documents in certain cases.
  42. Section 40Suspension of operation of this Act
  43. Section 41Power of Central Government to give directions.
  44. Section 42Contravention by companies
  45. Section 43Death or insolvency in certain cases.
  46. Section 44Bar of legal proceedings.
  47. Section 44APowers of Reserve Bank not to apply to International Financial Services Centre
  48. Section 45Removal of difficulties.
  49. Section 46Power to make rules
  50. Section 47Power to make regulations
  51. Section 48Rules and regulations to be laid before Parliament.
  52. Section 49Repeal and saving.