Foreign Exchange Management Act, 1999

The Foreign Exchange Management Act, 1999

Rules Regulations Notifications Orders Circulars Ordinance Statutes

Act ID:	199942
Act Number:	42
Enactment Date:	1999-12-29
Act Year:	1999
Short Title:	The Foreign Exchange Management Act, 1999
Long Title:	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.
Ministry:	Ministry of Finance
Department:	Department of Economic Affairs
Enforcement Date:	01-06-2000
Notification:	1st June, 2000, vide notification No. G.S.R. 371(E), dated 1st May, 2000, see Gazette of India, Extraordinary, Part II, sec. 3(i).

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Show all section The Foreign Exchange Management Act, 1999

CHAPTER I

PRELIMINARY

CHAPTER II

REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE

CHAPTER III

AUTHORISED PERSON

CHAPTER IV

CONTRAVENTION AND PENALTIES

CHAPTER V

ADJUDICATION AND APPEAL

CHAPTER VI

DIRECTORATE OF ENFORCEMENT

CHAPTER VII

MISCELLANEOUS


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. Show Related Subordinates
Section 6. Capital account transactions. Show Related Subordinates
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. Show Related Subordinates
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.
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. Show Related Subordinates
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 Show Related Subordinates
Section 47. Power to make regulations Show Related Subordinates
Section 48. Rules and regulations to be laid before Parliament.
Section 49. Repeal and saving.

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Year	Description	Files
03-05-2000	the Foreign Exchange (Authentication of Documents) Rules, 2000
03-05-2000	the Foreign Exchange (Compounding Proceedings) Rules 2000
03-05-2000	the Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and payment of interest) Rules, 2000.
03-05-2000	the Foreign Exchange Management (Current Account Transactions) Rules, 2000.

Year	Description	Files
03-10-2003	Foreign Exchange Management (Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)) Regulations, 2003.
21-03-2014	the Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014.
02-03-2015	the Foreign Exchange Management (International Financial Services Centre) Regulations, 2015.
25-09-2015	the Foreign Exchange Management (Regularization of assets held abroad by a person resident in India) Regulations, 2015.
29-12-2015	the Foreign Exchange Management (Insurance) Regulations, 2015.
29-12-2015	Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
29-12-2015	the Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2015.
29-12-2015	Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015.
12-01-2016	the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015.
16-01-2016	the Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2015.
21-01-2016	the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015.
31-03-2016	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.
01-04-2016	the Foreign Exchange Management (Remittance of Assets) Regulations, 2016.
01-04-2016	the Foreign Exchange Management (Deposit) Regulations, 2016.
02-05-2016	the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016.
07-11-2017	the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017.