The Foreign Exchange Management Act, 1999

FEMAcentral

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

Enactment

1999-12-29

Ministry

Ministry Of Finance

Downloads

English

PRELIMINARY

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

REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE

Section 3Dealing in foreign exchange, etc.Section 4Holding of foreign exchange, etc.Section 5Current account transactions.Section 6Capital account transactions.Section 7Export of goods and services.Section 8Realisation and repatriation of foreign exchange.Section 9Exemption from realisation and repatriation in certain cases.

AUTHORISED PERSON

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

CONTRAVENTION AND PENALTIES

Section 13Penalties.Section 14Enforcement of the orders of Adjudicating Authority.Section 14APower of recover arrears of penalty.Section 15Power to compound contravention.

ADJUDICATION AND APPEAL

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

DIRECTORATE OF ENFORCEMENT

Section 36Directorate of Enforcement.Section 37Power of search, seizure, etc.Section 37ASpecial provisions relating to assets held outside India in contravention of section 4 Section 38Empowering other officers.

MISCELLANEOUS

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