Allied Acts

The Foreign Exchange Management 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.

The full text of The Foreign Exchange Management Act, 1999, 52 sections, section by section, with the customs notifications, circulars and judgments that apply to each provision.

Preamble

• Preamble

Sections

• Section 1 — Short title, extent, application and commencement.
• Section 2 — Definitions.
• 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.
• 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.
• 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.
• 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. (repealed)
• Section 21 — Qualifications, for appointment of Special Director (Appeals).
• Section 22 — Omitted. (repealed)
• Section 23 — Terms and Conditions of service Special Director (Appeals).
• Section 24 — Omitted. (repealed)
• Section 25 — Omitted. (repealed)
• Section 26 — Omitted. (repealed)
• Section 27 — Staff of Special Director (Appeals).
• Section 28 — Procedure and powers of Appellate Tribunal and Special Director (Appeals).
• Section 29 — Omitted. (repealed)
• Section 30 — Omitted. (repealed)
• Section 31 — Omitted. (repealed)
• Section 32 — Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers.
• Section 33 — Members, etc., to be public servants.
• Section 34 — Civil court not to have jurisdiction.
• Section 35 — Appeal to High Court.
• 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.
• 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 44A — Powers of Reserve Bank not to apply to International Financial Services Centre
• 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.

Rules made under this Act

• the Foreign Exchange (Compounding Proceedings) Rules
• the Foreign Exchange (Authentication of Documents) Rules
• the Foreign Exchange Management (Current Account Transactions) Rules
• the Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and payment of interest) Rules

Regulations made under this Act

• Foreign Exchange Management (Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)) Regulations, 2003.
• the Foreign Exchange Management (Remittance of Assets) Regulations, 2016.
• Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
• Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015.
• the Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015.
• the Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2015.
• the Foreign Exchange Management (Deposit) Regulations, 2016.
• the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015.
• the Foreign Exchange Management (International Financial Services Centre) Regulations, 2015.
• the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015.
• the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017.
• the Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016.
• the Foreign Exchange Management (Regularization of assets held abroad by a person resident in India) Regulations, 2015.
• the Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014.
• the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016.
• the Foreign Exchange Management (Insurance) Regulations, 2015.

Official text: India Code