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The Foreign Exchange Management 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.
1999
List of Chapters & Sections

  1. PRELIMINARY

  2. 1
     Short title, extent, application and commencement
  3. 2
     Definitions

  • REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE

  • 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

  • AUTHORISED PERSON

  • 10
     Authorised person
  • 11
     Reserve Bank's powers to issue directions to authorised person
  • 12
     Power of Reserve Bank to inspect authorised person

  • CONTRAVENTION AND PENALTIES

  • 13
     Penalties
  • 14
     Enforcement of the orders of Adjudicating Authority
  • 14A
     Power of recover arrears of penalty
  • 15
     Power to compound contravention

  • ADJUDICATION AND APPEAL

  • 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

  • DIRECTORATE OF ENFORCEMENT

  • 36
     Directorate of Enforcement
  • 37
     Power of search, seizure, etc
  • 37A
     Special provisions relating to assets held outside India in contravention of section
  • 38
     Empowering other officers

  • MISCELLANEOUS

  • 39
     Presumption as to documents in certain cases
  • 40
     Suspension of operation of this Ac
  • 41
     Power of Central Government to give directions
  • 42
     Contravention by companie
  • 43
     Death or insolvency in certain cases
  • 44
     Bar of legal proceedings
  • 45
     Removal of difficulties
  • 46
     Power to make rule
  • 47
     Power to make regulation
  • 48
     Rules and regulations to be laid before Parliament
  • 49
     Repeal and saving