Corporate, Banking and Tax
The Foreign Exchange Management Act, 1999
Act 42 of 1999 · 52 sections
Title, date and preamble
[29th December, 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.
BE it enacted by Parliament in the Fiftieth Year of the Republic of India as follows:—
Contents
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
- 16.Appointment of Adjudicating Authority
- 17.Appeal to Special Director (Appeals)
- 18.Appellate Tribunal
- 19.Appeal to Appellate Tribunal
- 20.Composition of Appellate Tribunal
- 21.Qualifications, for appointment of Special Director (Appeals)
- 22.Term of office
- 23.Terms and Condition of service of Special Director of (Appeals)
- 24.Vacancies
- 25.Resignation and removal
- 26.Member to act as Chairperson in certain circumstances
- 27.Staff of Special Director (Appeal)
- 28.Procedure and powers of Appellate Tribunal and Special Director (Appeals)
- 29.Distribution of business amongst Benches
- 30.Power of Chairperson to transfer cases
- 31.Decision to be by majority
- 32.Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers
- 33.Officers and employees, etc., to be public servant
- 34.Civil court not to have jurisdiction
- 35.Appeal to High Court
CHAPTER VI DIRECTORATE OF ENFORCEMENT
CHAPTER VII MISCELLANEOUS
- 39.Presumption as to documents in certain cases
- 40.Suspension of operation of this Act
- 41.Power of Central Government to give directions
- 42.Contravention by companies
- 43.Death or insolvency in certain cases
- 44.Bar of legal proceedings
- 44A.Powers of Reserve Bank not to apply to International Financial Services Centre
- 45.Removal of difficulties
- 46.Power to make rules
- 47.Power to make regulations
- 48.Rules and regulations to be laid before Parliament
- 49.Repeal and saving