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 5: Current account transactions.
    Any person may sell or draw foreign exchange to or from an authorised person if such sale or drawal is a current account transaction:
     Provided that the Central Government may, in public interest and in consultation with the Reserve Bank, impose such reasonable restrictions for current account transactions as may be prescribed.
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