Section 43
Death or insolvency in certain cases.
The Foreign Exchange Management Act, 1999
About this Act
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.
Any right, obligation, liability, proceeding or appeal
arising in relation to the provisions of section 13 shall not abate by reason of death or insolvency of the
person liable under that section and upon such death or insolvency such rights and obligations shall
devolve on the legal representative of such person or the official receiver or the official assignee, as the
case may be:
Provided that a legal representative of the deceased shall be liable only to the extent of the inheritance or estate of the deceased.
Provided that a legal representative of the deceased shall be liable only to the extent of the inheritance or estate of the deceased.