Act Number: 42

Act Name: The Foreign Exchange Management Act, 1999

Year: 1999

Enactment Date: 1999-12-29

Long Title: 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: Ministry of Finance

Department: Department of Economic Affairs

Section 4: Holding of foreign exchange, etc.
    Save as otherwise provided in this Act, no person resident in India shall acquire, hold, own, possess or transfer any foreign exchange, foreign security or any immovable property situated outside India.
Previous Section Next Section
Scroll to Top