The Foreign Exchange Management Act, 1999
The Foreign Exchange Management Act, 1999 regulates foreign exchange transactions, currency transactions, and the movement of capital in and out of India.
Summary
The Foreign Exchange Management Act, 1999 is an Act of the Indian Parliament that consolidates and amends the law relating to foreign exchange with the objective of facilitating external trade and payments, promoting the orderly development and maintenance of foreign exchange market in India, and regulating the movement of capital in and out of the country. The act lays down rules and regulations for all foreign exchange transactions, including currency transactions, remittances, exports, imports, and investments. The act also empowers the Reserve Bank of India to regulate foreign exchange transactions and to impose penalties for non-compliance.
Table of Contents
| # | Section | Link |
|---|---|---|
| 1 | Section 1: Short Title, Extent, Application And Commencement | Open |
| 2 | Section 2: Definitions | Open |
| 3 | Section 3: Dealing In Foreign Exchange, Etc | Open |
| 4 | Section 4: Holding Of Foreign Exchange, Etc | Open |
| 5 | Section 5: Current Account Transactions | Open |
| 6 | Section 6: Capital Account Transactions | Open |
| 7 | Section 7: Export Of Goods And Services | Open |
| 8 | Section 8: Realisation And Repatriation Of Foreign Exchange | Open |
| 9 | Section 9: Exemption From Realisation And Repatriation In Certain Cases | Open |
| 10 | Section 10: Authorised Person | Open |
| 11 | Section 11: Reserve Bank'S Powers To Issue Directions To Authorised Person | Open |
| 12 | Section 12: Power Of Reserve Bank To Inspect Authorised Person | Open |
| 13 | Section 13: Penalties | Open |
| 14 | Section 14: Enforcement Of The Orders Of Adjudicating Authority | Open |
| 15 | Section 14A: Power Of Recover Arrears Of Penalty | Open |