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42/1999 - The Foreign Exchange Management Act, 1999 ▶

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 Number	Title	Actions
1	Short title, extent, application and commencement.
2	Definitions.
3	Dealing in foreign exchange, etc.
4	Holding of foreign exchange, etc.
5	Current account transactions.
6	Capital account transactions.
7	Export of goods and services.
8	Realisation and repatriation of foreign exchange.
9	Exemption from realisation and repatriation in certain cases.
10	Authorised person.
11	Reserve Bank's powers to issue directions to authorised person.
12	Power of Reserve Bank to inspect authorised person.
13	Penalties.
14	Enforcement of the orders of Adjudicating Authority.
14A	Power of recover arrears of penalty.
15	Power to compound contravention.
16	Appointment of Adjudicating Authority.
17	Appeal to Special Director (Appeals).
18	Appellate Tribunal.
19	Appeal to Appellate Tribunal.
20	Omitted.
21	Qualifications, for appointment of Special Director (Appeals).
22	Omitted.
23	Terms and Conditions of service Special Director (Appeals).
24	Omitted.
25	Omitted.
26	Member to act as Chairperson in certain circumstances.
27	Staff of Special Director (Appeals).
28	Procedure and powers of Appellate Tribunal and Special Director (Appeals).
29	Omitted.
30	Omitted.
31	Omitted.
32	Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers.
33	Members, etc., to be public servants.
34	Civil court not to have jurisdiction.
35	Appeal to High Court.
36	Directorate of Enforcement.
37	Power of search, seizure, etc.
37A	Special provisions relating to assets held outside India in contravention of section 4
38	Empowering other officers.
39	Presumption as to documents in certain cases.
40	Suspension of operation of this Act
41	Power of Central Government to give directions.
42	Contravention by companies
43	Death or insolvency in certain cases.
44	Bar of legal proceedings.
45	Removal of difficulties.
46	Power to make rules
47	Power to make regulations
48	Rules and regulations to be laid before Parliament.
49	Repeal and saving.
44A	Powers of Reserve Bank not to apply to International Financial Services Centre