Section 48

Rules and regulations to be laid before Parliament.

The Foreign Exchange Management Act, 1999

  • Act 42 of 1999
  • Ministry of Finance
  • Department of Economic Affairs
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.

All sections
    Every rule and regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation, or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.

Source: India Code (Legislative Department, Govt. of India). Check the official Gazette before relying on it in court. Not legal advice. Free legal aid: 15100 (NALSA) · Know your rights

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