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 44A: Powers of Reserve Bank not to apply to International Financial Services Centre
    1[44A. Powers of Reserve Bank not to apply to International Financial Services Centre.-- Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Reserve Bank under this Act,--
         (a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005);
         (b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019,
    
Notes:
1. Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020)
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