The FOREIGN EXCHANGE MANAGEMENT ACT, 1999

PRELIMINARY

Section 1 — Short title, extent, application and commencement.

(1) This Act may be called the Foreign Exchange Management Act, 1999.

(2) It extends to the whole of India.

(3) It shall also apply to all branches, offices and agencies outside India owned or controlled by a person resident in India and also to any contravention thereunder committed outside India by any person to whom this Act applies.

(4) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint:

Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

Browse all 51 sections
  1. 1.Short title, extent, application and commencement.
  2. 2.Definitions.
  3. 3.Dealing in foreign exchange, etc.
  4. 4.Holding of foreign exchange, etc.
  5. 5.Current account transactions.
  6. 6.Capital account transactions.
  7. 7.Export of goods and services.
  8. 8.Realisation and repatriation of foreign exchange.
  9. 9.Exemption from realisation and repatriation in certain cases.
  10. 10.Authorised person.
  11. 11.Reserve Bank’s powers to issue directions to authorised person.
  12. 12.Power of Reserve Bank to inspect authorised person.
  13. 13.Penalties.
  14. 14.Enforcement of the orders of Adjudicating Authority.
  15. 14A.Power of recover arrears of penalty.
  16. 15.Power to compound contravention.
  17. 16.Appointment of Adjudicating Authority.
  18. 17.Appeal to Special Director (Appeals).
  19. 18.Appellate Tribunal.
  20. 19.Appeal to Appellate Tribunal.
  21. 20.[Omitted.]
  22. 21.Qualifications, for appointment of Special Director (Appeals).
  23. 22.[Omitted.]
  24. 23.Terms and Conditions of service Special Director (Appeals).
  25. 24.[Omitted.]
  26. 25.[Omitted.]
  27. 26.[Omitted.]
  28. 27.Staff of Special Director (Appeals).
  29. 28.Procedure and powers of Appellate Tribunal and Special Director (Appeals).
  30. 29.[Omitted.]
  31. 30.[Omitted.]
  32. 31.[Omitted.]
  33. 32.Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers.
  34. 33.Officers and employees etc., to be public servant.
  35. 34.Civil court not to have jurisdiction.
  36. 35.Appeal to High Court.
  37. 36.Directorate of Enforcement.
  38. 37.Power of search, seizure, etc.
  39. 37A.Special provisions relating to assets held outside India in contravention of section 4.
  40. 38.Empowering other officers.
  41. 39.Presumption as to documents in certain cases.
  42. 40.Suspension of operation of this Act.
  43. 41.Power of Central Government to give directions.
  44. 42.Contravention by companies.
  45. 43.Death or insolvency in certain cases.
  46. 44.Bar of legal proceedings.
  47. 45.Removal of difficulties.
  48. 46.Power to make rules.
  49. 47.Power to make regulations.
  50. 48.Rules and regulations to be laid before Parliament.
  51. 49.Repeal and saving.