Foreign Exchange Management Act, 1999

Bare Act · 1999

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.

Act number: 42 of 1999
Enacted: 29 December 1999
Contents: 52 sections · 7 chapters

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Contents

Chapter I — Preliminary

Chapter II — Regulation And Management Of Foreign Exchange

Chapter III

Section 10 – Authorised person (preview)
Section 11 – Reserve Bank's powers to issue directions to authorised person (preview)
Section 12 – Power of Reserve Bank to inspect authorised person (preview)

Chapter IV — Contravention And Penalties

Section 13 – Penalties (preview)
Section 14 – Enforcement of the orders of Adjudicating Authority (preview)
Section 14A – Power of recover arrears of penalty (preview)
Section 15 – Power to compound contravention (preview)

Chapter V — Adjudication And Appeal

Section 16 – Appointment of Adjudicating Authority (preview)
Section 17 – Appeal to Special Director (Appeals) (preview)
Section 18 – Appellate Tribunal (preview)
Section 19 – Appeal to Appellate Tribunal (preview)
Section 20 – Omitted (preview)
Section 21 – Qualifications, for appointment of Special Director (Appeals) (preview)
Section 22 – Omitted (preview)
Section 23 – Terms and Conditions of service Special Director (Appeals) (preview)
Section 24 – Omitted (preview)
Section 25 – Omitted (preview)
Section 26 – Member to act as Chairperson in certain circumstances (preview)
Section 27 – Staff of Special Director (Appeals) (preview)
Section 28 – Procedure and powers of Appellate Tribunal and Special Director (Appeals) (preview)
Section 29 – Omitted (preview)
Section 30 – Omitted (preview)
Section 31 – Omitted (preview)
Section 32 – Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers (preview)
Section 33 – Members, etc., to be public servants (preview)
Section 34 – Civil court not to have jurisdiction (preview)
Section 35 – Appeal to High Court (preview)

Chapter VI — Directorate Of Enforcement

Section 36 – Directorate of Enforcement (preview)
Section 37 – Power of search, seizure, etc (preview)
Section 37A – Special provisions relating to assets held outside India in contravention of section 4 (preview)
Section 38 – Empowering other officers (preview)

Chapter VII — Miscellaneous

Section 39 – Presumption as to documents in certain cases (preview)
Section 40 – Suspension of operation of this Act (preview)
Section 41 – Power of Central Government to give directions (preview)
Section 42 – Contravention by companies (preview)
Section 43 – Death or insolvency in certain cases (preview)
Section 44 – Bar of legal proceedings (preview)
Section 44A – Powers of Reserve Bank not to apply to International Financial Services Centre (preview)
Section 45 – Removal of difficulties (preview)
Section 46 – Power to make rules (preview)
Section 47 – Power to make regulations (preview)
Section 48 – Rules and regulations to be laid before Parliament (preview)
Section 49 – Repeal and saving (preview)