Bare 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.

विदेशी मुद्रा प्रबंध अधिनियम, 1999

English PDF

Act Details

Act Number:

Act Year:

1999

Location:

Enactment Date:

12/29/1999

Enforcement Date:

01-06-2000

Ministry:

Ministry of Finance

Department:

Department of Economic Affairs

All Section List (FEMA)

PRELIMINARY

Section 1 to Section 2

Section 1

Short title, extent, application and commencement.

Section 2

Definitions.

REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE

Section 3 to Section 9

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 to Section 12

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 to Section 15

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 to Section 35

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

Member to act as Chairperson in certain circumstances.

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

Members, etc., to be public servants.

Section 34

Civil court not to have jurisdiction.

Section 35

Appeal to High Court.

DIRECTORATE OF ENFORCEMENT

Section 36 to Section 38

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 to Section 49

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.