Act 42 of 1999

The Foreign Exchange Management Act, 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.

  • Ministry of Finance
  • Department of Economic Affairs
  • Enacted 1999-12-29
  • 52 sections
SectionTitle
1 Short title, extent, application and commencement. Read
2 Definitions. Read
3 Dealing in foreign exchange, etc. Read
4 Holding of foreign exchange, etc. Read
5 Current account transactions. Read
6 Capital account transactions. Read
7 Export of goods and services. Read
8 Realisation and repatriation of foreign exchange. Read
9 Exemption from realisation and repatriation in certain cases. Read
10 Authorised person. Read
11 Reserve Bank's powers to issue directions to authorised person. Read
12 Power of Reserve Bank to inspect authorised person. Read
13 Penalties. Read
14 Enforcement of the orders of Adjudicating Authority. Read
14A Power of recover arrears of penalty. Read
15 Power to compound contravention. Read
16 Appointment of Adjudicating Authority. Read
17 Appeal to Special Director (Appeals). Read
18 Appellate Tribunal.Read
19 Appeal to Appellate Tribunal. Read
20 Omitted.Read
21 Qualifications, for appointment of Special Director (Appeals).Read
22 Omitted.Read
23 Terms and Conditions of service Special Director (Appeals).Read
24 Omitted.Read
25 Omitted.Read
26 Member to act as Chairperson in certain circumstances. Read
27 Staff of Special Director (Appeals).Read
28 Procedure and powers of Appellate Tribunal and Special Director (Appeals). Read
29 Omitted.Read
30 Omitted.Read
31 Omitted.Read
32 Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers. Read
33 Members, etc., to be public servants. Read
34 Civil court not to have jurisdiction. Read
35 Appeal to High Court. Read
36 Directorate of Enforcement. Read
37 Power of search, seizure, etc. Read
37A Special provisions relating to assets held outside India in contravention of section 4Read
38 Empowering other officers.Read
39 Presumption as to documents in certain cases.Read
40 Suspension of operation of this ActRead
41 Power of Central Government to give directions.Read
42 Contravention by companiesRead
43 Death or insolvency in certain cases.Read
44 Bar of legal proceedings.Read
44A Powers of Reserve Bank not to apply to International Financial Services CentreRead
45 Removal of difficulties.Read
46 Power to make rulesRead
47 Power to make regulationsRead
48 Rules and regulations to be laid before Parliament.Read
49 Repeal and saving.Read
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