Section 14Central Act

Section 14: Acquisition by Central Government of foreign exchange .-The Central Government may, by notification in the Official Gazette, order every person in, or resident in, India

The Foreign Exchange Regulation Act (FERA), 1973 (Repealed)

Acquisition by Central Government of foreign exchange .-The Central Government may, by notification in the Official Gazette, order every person in, or resident in, India-

(a)

who owns or holds such foreign exchange as may be specified in the notification, to offer it, or cause it to be offered, for sale to the Reserve Bank on behalf of the Central Government or to such person, as the Reserve Bank may authorise for the purpose, at such price as the Central Government may fix, being a price which is not less than the price calculated at the rate of exchange for the time being authorised by the Reserve Bank;

(b)

who is entitled to assign any right to receive such foreign exchange as may be specified in the notification, to transfer that right to the Reserve Bank on behalf of the Central Government on payment of such consideration therefor as the Central Government may fix having regard to the rate for the time being authorised by the Reserve Bank in pursuance of sub-section (2) of section 8 for conversion into Indian currency of the foreign currency in which such foreign exchange is expressed:

Provided that the Central Government may, by the said notification or by a separate order, exempt any person or class of persons from the operation of the order made in the said notification:Provided further that nothing in this section shall apply to any foreign exchange acquired by a person from an authorised dealer or from a money-changer and retained by him with the permission of the Reserve Bank for any purpose.

Sec 13 — Restrictions on import and export of certain currency and bullion .-(1) The Central Government may, by notification in the Official Gazette, order that, subject to such exemption, if any, as may be specified in the notification, no person shall, except with the general or special permission of the Reserve Bank and on payment of the fee, if any, prescribed, bring or send into India [* * *] any foreign exchange or any Indian currency

Sec 15 — Power of Central Government to direct payment in foreign currency in certain cases .-[ Omitted by the Foreign Exchange Regulation (Amendment) Act , 1993 (29 of 1993), section 6 (w.e.f.8-1-1993).]

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