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Foreign Exchange Management Act 1999 (FEMA Act 1999)

 

 

CHAPTER I
PRELIMINARY

Section 1 of Foreign Exchange Management (FEMA) Act 1999 : "Short title, extent, application and commencement."

1. (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.

Section 2 - Definitions

CHAPTER II
REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE

Section 3 - Dealing in foreign exchange, etc

Section 4 - Holding of foreign exchange, etc

Section 5 - Current account transactions

Section 6 - Capital account transactions

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

CHAPTER III
AUTHORISED PERSON

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

CHAPTER IV
CONTRAVENTION AND PENALTIES

Section 13 - Penalties

Section 14 - Enforcement of the orders of Adjudicating Authority

Section 15 - Power to compound contravention

CHAPTER V
ADJUDICATION AND APPEAL

Section 16 - Appointment of Adjudicating Authority

Section 17 - Appeal to Special Director (Appeals)

Section 18 - Establishment of Appellate Tribunal

Section 19 - Appeal to Appellate Tribunal

Section 20 - Composition of Appellate Tribunal

Section 21 - Qualifications for appointment of Chairperson, Member and Special Director (Appeals)

Section 22 - Term of office

Section 23 - Terms and conditions of service

Section 24 - Vacancies

Section 25 - Resignation and removal

Section 26 - Member to act as Chairperson in certain circumstances

Section 27 - Staff of Appellate Tribunal and Special Director (Appeals)

Section 28 - Procedure and Powers of Appellate Tribunal and Special Director (Appeals)

Section 29 - Distribution of business amongst Benches

Section 30 - Power of Chairperson to transfer cases

Section 31 - Decision to be by majority

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

CHAPTER VI
DIRECTORATE OF ENFORCEMENT

Section 36 - Directorate of Enforcement

Section 37 - Power of search, seizure, etc

Section 38 - Empowering other officers

CHAPTER VII
MISCELLANEOUS

Section 39 - Presumption as to documents in certain cases

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 45 - Removal of difficulties

Section 46 - Power to make rules

Section 47 - Power to make regulations

Section 48 - Rules and regulations to be laid before Parliament

Section 49 - Repeal and saving

 
 

 

 

 

 

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