In this Act, unless the context otherwise requires, -
(a) Adjudicating Authority means an officer authorised under sub-section (1) of section 16;
(b) Appellate Tribunal means the Appellate Tribunal referred to in section 18;
(c) authorised person means an authorised dealer, money changer, off-shore banking unit or any other person for the time being authorised under sub-section (1) of section 10 to deal in foreign exchange or foreign securities;
(cc) Authorised Officer means an officer of the Directorate of Enforcement authorised by the Central Government under section 37A;
(d) Bench means a Bench of the Appellate Tribunal;
(e) capital account transaction means a transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India or assets or liabilities in India of persons resident outside India, and includes transactions referred to in sub-section (3) of section 6;
(f) Chairperson means the Chairperson of the Appellate Tribunal;
(g) chartered accountant shall have the meaning assigned to it in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949);
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Simplified Act
This document explains some key terms used in the Foreign Exchange Management Act, 1999:
Adjudicating Authority: An officer given the power to make legal judgments, as mentioned in section 16 of the Act.
Appellate Tribunal: A legal body that hears appeals, as detailed in section 18 of the Act.
Authorized person: Someone who is officially allowed to handle foreign exchange or securities, as described in section 10 of the Act.
Authorized Officer: An officer from the Enforcement Directorate with special permissions from the go
Imagine a software engineer named Arjun, who has been residing in India for the past five years. He decides to accept a job offer in Singapore and moves there. Now, as per Section 2(v) of the Fore