THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999

ACT NO. 42 OF 1999 · Enacted [29th December, 1999.] · 51 sections

PRELIMINARY

Section 1.Short title, extent, application and commencement.

Section 2.Definitions.

REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE

Section 3.Dealing in foreign exchange, etc.

Section 4.Holding of foreign exchange, etc.

Section 5.Current account transactions.

Section 6.Capital account transactions.

Section 7.Export of goods and services.

Section 8.Realisation and repatriation of foreign exchange.

Section 9.Exemption from realisation and repatriation in certain cases.

AUTHORISED PERSON

Section 10.Authorised person.

Section 11.Reserve Bank’s powers to issue directions to authorised person.

Section 12.Power of Reserve Bank to inspect authorised person.

CONTRAVENTION AND PENALTIES

Section 13.Penalties.

Section 14.Enforcement of the orders of Adjudicating Authority.

Section 14A.Power of recover arrears of penalty.

Section 15.Power to compound contravention.

ADJUDICATION AND APPEAL

Section 16.Appointment of Adjudicating Authority.

Section 17.Appeal to Special Director (Appeals).

Section 18.Appellate Tribunal.

Section 19.Appeal to Appellate Tribunal.

Section 20.[Omitted.]

Section 21.Qualifications, for appointment of Special Director (Appeals).

Section 22.[Omitted.]

Section 23.Terms and Conditions of service Special Director (Appeals).

Section 24.[Omitted.]

Section 25.[Omitted.]

Section 26.[Omitted.]

Section 27.Staff of Special Director (Appeals).

Section 28.Procedure and powers of Appellate Tribunal and Special Director (Appeals).

Section 29.[Omitted.]

Section 30.[Omitted.]

Section 31.[Omitted.]

Section 32.Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers.

Section 33.Officers and employees etc., to be public servant.

Section 34.Civil court not to have jurisdiction.

Section 35.Appeal to High Court.

DIRECTORATE OF ENFORCEMENT

Section 36.Directorate of Enforcement.

Section 37.Power of search, seizure, etc.

Section 37A.Special provisions relating to assets held outside India in contravention of section 4.

Section 38.Empowering other officers.

MISCELLANEOUS

Section 39.Presumption as to documents in certain cases.

Section 40.Suspension of operation of this Act.

Section 41.Power of Central Government to give directions.

Section 42.Contravention by companies.

Section 43.Death or insolvency in certain cases.

Section 44.Bar of legal proceedings.

Section 45.Removal of difficulties.

Section 46.Power to make rules.

Section 47.Power to make regulations.

Section 48.Rules and regulations to be laid before Parliament.

Section 49.Repeal and saving.